Marin home prices have appreciated greatly over the last five year. The statistics show a surge in values in 2013 to 2015, and a recent leveling.
Prices for single family homes increased 57% over the last five years:
| Year | Median Price | Increase |
| 2012 | $765,000 | — |
| 2013 | $900,000 | 18% |
| 2014 | $1,010,000 | 12% |
| 2015 | $1,105,000 | 9% |
| 2016 | $1,199,000 | 9% |
The increase in 2016 was about 9%.
Prices for condos and townhouses increased 83% over the last five years:
| Year | Median Price | Increase |
| 2012 | $325,000 | — |
| 2013 | $426,000 | 31% |
| 2014 | $495,000 | 16% |
| 2015 | $560,000 | 13% |
| 2016 | $595,000 | 6% |
The increase in 2016 was about 6%.
Desirable homes sold quickly and over list price
Up to 50% of single family homes and up to 44% of condos/townhouses sold and closed within 30 days. Homes that sold fast also commanded prices about 4% over list price. Buyers are prepared and ready to buy the most desirable homes. The factors that affect desirability include location, appearance, and school district, and supply.
Please contact Madeline to find out more about the desirability of your home. If you are considering selling your house, we can evaluate the conditions that will give you a fast sale and highest price.
Outlook for 2017
Here are the factors that will affect Marin home sales in 2017 and beyond:
- The supply of houses is low and many buyers are actively shopping. We just gave out 17 disclosure packets on our latest listing, and the seller received five offers after one week on the market. The open house was packed with very motivated buyers.
- The area economy is healthy and Bay Area industry (including tech and biotech) is still expanding. However, there are indications from the state that the overall economy in 2017 will not meet previous projections.
- We expect many more homes listed for sale in February and March, but this number may not keep up with demand.
- The extremely low mortgage rates of recent years have increased, and we expect that they will continue to increase. This will particularly influence first-time buyers.
- Consumer confidence is very strong now but could shift, depending on the political climate and changes in the national economy. A change in consumer confidence could effect the real estate market both locally and nationally.
- High yearly increases in home values are not sustainable indefinitely. The market could soon level out. Hopefully, demand and the economy will support a level market.
We are expecting a robust year for Marin real estate.
When to sell?
If you have been considering selling your home in the next few years, this could be your best opportunity in years to realize your equity and move on. If you wait till after the rainy season, a large increase in listings could saturate the market and weaken prices. Please contact Madeline to discuss your specific plans and needs.
