|Decker Bullock Sotheby’s|
|Marin Market Snapshot|
|The current economic expansion entered its 93rd month in March which makes it the third longest economic expansion in US history. Proof of compounded growth was enthusiastically reflected in several economic reports. Consumer confidence hit its highest mark in 17 years, the unemployment rate dropped to its lowest rate in nine years, and wages and income are now at levels last seen in 2009. |
The Federal Reserve’s increased Fed Funds rate of .25%, and the accompanying “dovish” statement, resulted in mortgage interest rates moving down (not up). The generally accepted outlook is that mortgage rates will continue their gradual march higher in the months to come.
In Marin County, the Single Family Home market had healthy March figures. With the onset of listing season ahead, the market was up across most metrics including inventory, percentage of homes in contract, number of homes sold, and sale prices, while days on market decreased. Average price sold had a significant increase to $1,826,554, up $430,000, 31% from last month.
|In Contract by Area|
|Greenbrae had 100% percent of homes in contract in March, followed by Novato (52%) and San Rafael (49%). Six cities had between 33% and 45% of homes in contract. In contrast, less active markets were Ross and West Marin (14%), Belvedere (10%) and the Beach Cities, which had none. |
|Number of Homes Sold|
|With 115 sold, Marin Single Family Homes sales were up 49% from February, and down 12% compared to the same month last year. Most Single Family Homes sold in February were in the price range of $1-2 million.|
|Home Sales by Area |
|Novato, San Rafael and Mill Valley continue to see the highest Number of Homes Sold at 29, 17 and 17, respectively. San Anselmo had 14 homes sold. West Marin had zero sales recorded. Average Days On Market ranged from 223 in Tiburon, to seven (7) in Kentfield.|
|Average Price Sold |
|The average sale price of Marin Single Family Homes increased significantly, 31% in March compared to February, at $1,826,554 and $1,396,350, respectively. Compared to the same month last year, the average sale price increased 23%, up nearly $342,955, due to a few high priced sales; $14.64M in Belvedere, $9.5M in Bolinas, and $8.25M in Tiburon.|
|Home Sales by Price Point |
|The highest number of homes both available (102) and sold (46), were between $1-2 million. There were 27 homes sold between $750,000 and $1 million, while 17 homes sold in the $2-3 million price range. There were 13 homes sold at $3 million or higher, including one sale above $10 million. |