While the 20-month run up in Marin real estate continues, there are signs we are returning to a more balanced market. We continue to believe the market will return to some semblance of balance by the end of 2014. Here are some of the key trends at present:
- Average sale price is up significantly. It is now $1,193,345 for the County year to date, which is a 14.8% increase vs. the same time frame one year ago. The average square footage of homes sold has actually shrunk slightly, from 2,040 square feet to 2,031 square feet. Average price is a good indicator of long-term trends as a whole, but not a clear indicator for individual towns. For more on that, scroll down to the story about Marin County’s sweet spots.
- Homes are selling faster. Year to date, average days on market is 56 days, vs. 64 days last year. This is another indicator of market strength.
- 3. Homes are selling at list price or better. The average sale to list price ratio is 100%. In other words, on average, most homes sell right at the list price.
Inventory is still tight, but there are indications buyers are starting to resist some of the steep price increases. Right now there are 767 homes available for sale in Marin County, which is low for this time of year. But only 313 of them are in contract, or 40%. That is starting to approach a balanced market.
August is traditionally a slow month, as vacations and the start of the school year become the focus. Most young families who were looking for homes this year are already tucked in, or will likely resume their search early in 2015. There are always buyers on the lookout, and as the weather cools and hopefully turns rainy again, the market will cool further, but the savvy buyers will still be out looking for a deal.
We’ll closely monitor September trends for you, as that will be a key indicator of where the market is headed next. Enjoy Marin’s always beautiful Indian Summer, and we hope to see you at Corte Madera’s Oktoberfest celebration on Saturday, October 11 in Old Corte Madera Square, in Menke Park, at Tamalpais and Corte Madera Avenues.