Excited buyers continue to surprise the market with multiple offers on the more desirable properties. Often, one or more of these buyers has an all-cash offer, without sale conditions.
The supply of homes is very low, 40-50% of the supply a year ago. This is tipping the market in favor of sellers for most neighborhoods. This is definitely an opportunity to sell.
The Latest Statistics
Here are the median sale prices of all homes in Marin over the last 4 months.
|
Median Sale Prices |
|||
|
March 2012 |
Previous 3 Months (Dec-Feb) | Peak of the Market 2006-08 |
|
| Single Family Homes |
$675,000 |
$690,000 |
$1,000,000 |
| Condos/Townhouses | $307,450 | $295,000 |
$499,000 |
Data from the Marin MLS.
In March, prices of single family homes were down 33% and condos were down 38% countywide, compared to the peak of our real estate market in 2006-08. However, median prices in March were about the same as the previous three months.
What Price Range is Selling?
In March 2012, 80% of the sales were below $1M, compared to 60% at the peak of the market (2006-08).
15% of sales are now between $1M and $2M, compared to 11% at the peak. This indicates a new strength may be emerging in this mid-to-high market.
4% of homes sold over $2M compared to 11% at the peak, indicating a quiet high end.
| Price Range |
March 2012 |
Peak of Market |
||
| Number of Sales | % | Number of Sales | % | |
|
Up to $500,000 |
91 | 39 | 614 | 15 |
| $500,000 to $1M |
96 |
41 |
1787 |
45 |
| $1M-$1.5M |
22 |
9 |
809 |
20 |
| $1.5M-$2M | 15 | 6 | 350 |
9 |
| $2M-$5M |
7 |
3 |
380 |
10 |
| $5M+ |
2 |
1 |
47 |
1 |
| Total |
233 |
100 |
3987 |
100 |
Houses Are Selling
Houses are selling fast, many receiving multiple offers. The number of houses that are Contingent or Pending is unusually high: About 43% of listed homes have received offers.
| City | Active Listings |
Contingent | % Contingent |
Pending | % Pending |
%Contingent + Pending |
| Belvedere | 22 | 2 | 9 | 0 | 0 | 2 |
| Corte Madera | 13 | 14 | 39 | 9 | 25 | 39 |
| Fairfax | 10 | 11 | 50 | 1 | 5 | 55 |
| Greenbrae | 15 | 6 | 26 | 2 | 9 | 34 |
| Kentfield | 17 | 4 | 14 | 5 | 19 | 33 |
| Larkspur | 15 | 9 | 31 | 5 | 17 | 48 |
| Mill Valley | 77 | 38 | 28 | 20 | 15 | 43 |
| Novato | 93 | 131 | 51 | 33 | 13 | 64 |
| Ross | 12 | 5 | 25 | 3 | 15 | 40 |
| San Anselmo | 29 | 24 | 36 | 12 | 18 | 54 |
| San Rafael | 111 | 102 | 41 | 33 | 13 | 54 |
| Sausalito | 43 | 21 | 30 | 5 | 17 | 47 |
| Tiburon | 52 | 14 | 11 | 8 | 11 | 22 |
| West Marin | 37 | 14 | 25 | 4 | 7 | 32 |
Data from the Marin MLS on 4/4/12
Pending properties are very likely to end in sales, while Contingent properties are in negotiation and may not go to completion. In any case, these numbers indicate a strong interest in listed properties.
How Will Distressed Properties Affect The Marin Market?
We recently learned that Wells Fargo, which is the leading the mortgage market with a 30% market share, will soon be releasing a large number of foreclosed properties for sale. We do not expect that the Marin market will be flooded with REOS; the number should be about the same as last year.
The Marin County Tax Records show 389 bank-owned (REO) properties. With 93 REOs on the market right now, about 300 more may come on the market this year. Assuming that 2,500 homes will sell in 2012 (as in 2011), REOs may amount to about 15% of the sales.
In 2011, 16% of home sales were REOs, with a median sale price of $389,000. 150 of these were condos and 253 single family homes. These sales lowered the median home price by only 8.6%. In 2012, REO sales should lower the median sale price by a amount similar to 2011, 8-9%.
Recent Sales
Here are complete lists of all homes sold in the last 30 days. Note the Original List Prices and final Sold Prices. We can send you complete information about any of these homes. Just contact us at info@livinginmarin.com.
Single family Homes Sold, March 2012
|
City |
Address |
BD |
BA |
Sq Ft |
Lot Ac |
Original Price |
Sold Price |
| Belvedere | 74 Bayview Ave | 4 | 4 (3 1) | 2754 | 0.188 | $1,895,000 | $1,850,000 |
| Belvedere | 35 W Shore Rd | 5 | 5 (4 1) | 4239 | 0.236 | $6,500,000 | $5,300,000 |
| Bolinas | 210 Birch Rd | 2 | 1 (1 0) | 1078 | 0.138 | $585,000 | $499,000 |
| Corte Madera | 130 Edison Ave | 4 | 4 (3 1) | 1577 | 0.093 | $659,000 | $586,000 |
| Corte Madera | 485 Corte Madera Ave | 3 | 2 (2 0) | 1536 | 0.168 | $599,000 | $600,000 |
| Corte Madera | 229 Sausalito St | 3 | 2 (2 0) | 1048 | 0.107 | $649,000 | $680,000 |
| Corte Madera | 37 Echo Ave | 3 | 2 (2 0) | 1140 | 0.142 | $769,000 | $765,000 |
| Corte Madera | 230 Chapman Dr | 3 | 2 (2 0) | 1725 | 0.207 | $875,000 | $875,000 |
| Corte Madera | 250 Morningside Dr | 3 | 4 (3 1) | 3004 | 0.130 | $1,295,000 | $1,190,000 |
Data from the Marin MLS.
MORE Sales SFH Mill Valley thru Tiburon
Condos and Townhouses Sold, March 2012
|
City |
Address |
BD |
BA |
Sq Ft |
Lot Ac |
Original Price |
Sold Price |
| Corte Madera | 61 Pixley Ave #10 | 2 | 1 (1 0) | 696 | 0.051 | $225,000 | $223,875 |
| Corte Madera | 14 Creekside Ct | 3 | 3 (2 1) | 1446 | 0.071 | $579,000 | $585,000 |
| Greenbrae | 715 Via Casitas St | 2 | 1 (1 0) | 877 | 0.021 | $292,300 | $262,500 |
| Greenbrae | 805 S Eliseo Dr #1 | 3 | 2 (1 1) | 1280 | 0.052 | $359,900 | $312,000 |
| Greenbrae | 904 Via Casitas Dr | 3 | 2 (2 0) | 1403 | 0.032 | $468,000 | $440,000 |
| Greenbrae | 1065 S Eliseo Dr | 2 | 2 (2 0) | 1370 | 0.059 | $525,000 | $449,000 |
| Greenbrae | 635 S Eliseo Dr #11 | 2 | 2 (2 0) | 1188 | 0.027 | $549,000 | $520,000 |
| Larkspur | 505 Larkspur Plaza Dr #6 | 2 | 1 (1 0) | 815 | 0.045 | $305,000 | $304,000 |
| Larkspur | 1 Escalle Ln | 2 | 3 (2 1) | 1361 | 0.035 | $479,000 | $479,900 |
| Larkspur | 120 Rice Ln | 2 | 3 (2 1) | 1364 | 0.058 | $899,000 | $900,000 |
| Mill Valley | 17 Emerson Dr | 3 | 3 (2 1) | 1356 | $399,000 | $400,000 | |
| Mill Valley | 13 Fielding Cir | 2 | 2 (1 1) | 1248 | 0.028 | $429,000 | $410,000 |
| Mill Valley | 120 Seminary Dr #3B | 2 | 2 (2 0) | 1183 | 0.041 | $518,000 | $427,500 |
Data from the Marin MLS.
MORE Sales Condos Novato thru Tiburon
We Have Buyers
We have buyers looking for properties from Sausalito to San Anselmo, Please call Madeline at (415) 515-9357 if you know of properties that may be for sale.
