Market Report: Marin County Homes Are Moving

April Numbers: Transcations, Inventory, Average Sale Price UP!

April numbers are UP! The market is continuing the trend we’ve seen the last several months, with transactions and average sale price up, days on market down, and inventory building.

There were 204 closed sales in April, a very healthy 40% increase from last April. Average sale price increased significantly as well, to $1,000,682, 17% higher than last year. This is reflective of movement in the higher price categories, which drives the average higher, rather than an increase in pricing. We are, for the most part, seeing pricing hold very steady for the last few months.

In fact, on a per square foot basis, price per square foot this year to date is EXACTLY the same as it was in all of 2009: $445 a foot, for all of Marin County. So prices are not going up - inventory coming on is meeting buyer demand.

Today’s buyers are careful, analytical, and patient. They know the numbers when they walk in to a house. We are getting more questions about cost per square foot than we ever have before at open houses, as the wealth of information available on the internet becomes more widely used. They discuss lot size, comps, lots of data that before was not nearly as important.

They also aren’t afraid to wait, as there are plenty of choices out there. Inventory is pouring on to the market every day right now. Right now there are 1,615 homes for sale in Marin County, which is about as high as we have ever seen. We’ve been involved in several transactions where the ultimate buyer was one who had made an offer, did not come to terms, waited several weeks, and then came back to purchase, as either side changed their position.

The heart of the market is still great family homes in good school districts. Right now, we have 34% of homes in contract in Marin. The lower the price point the stronger the market. For homes under $750,000, 44% are in contract, very strong but down a little from last month. Move up homes, from $750,000-$2,000,000, are at 24% in contract, almost a balanced market. Luxury homes over $2,000,000 are holding steady at 16% in contract, which is better than that market has been in a long time.

Corte Madera and Larkspur continue to be very strong, with 32% and 30% of all homes in contract. Novato is on fire, with 45% in contract. Sausalito still lags the rest of the county with 16% in contract.

Pent up demand, on both the buy and sell side, is driving this market. People’s lives have been on hold while they were waiting for the market to shift, and now that they see signs of life, they are moving!

Source for all data: BAREIS MLS.

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