Marin County Housing Market Report
Sales continue to improve in Marin County real estate as spring arrives.
As of 4/1/07, inventory continues to climb, now at 1,064 homes available for sale. However, percent in contract rose to 29%, which is nearing the middle range of what we consider a balanced market, which is 25% to 40% in contract. That means 313 homes are actually in contract.
Get behind the numbers though, and the real story is what is happening in individual towns. Southern Marin and Central Marin are very strong, whereas Novato is still in a Buyer’s Market, at 23% in contract.
For example, Fairfax has 47% of available homes in contract, Larkspur 38%, Greenbrae 32%, and Kentfield 45%. Pull the condominiums out of the Greenbrae number, and it is actually 40%Â that are in contract.
Anecdotally, some locations are very strong, especially in the $750,000 to $2MM range. Three recent sales from Corte Madera illustrate this:
- 475 Manzanita, asking $1.975MM, received five offers, closed at $2.3MM
- 44 Madera, asking $800,000, at least seven offers, closed at $1.174MM
- 470 Montecito, asking $1,049,000, ten offers, closed at $1,325MM.
I know 470 Montecito, because my client is the owner of that one!
All of these were unique in their own way. 44 Madera was a great fixer, on the water; 470 Montecito was a large, private, mostly flat piece of land in a town where there is very little of that; and 475 Manzanita was beautifully designed, a short walk from the elementary school, and only three years old.
But it still illustrates the strength we see out there. One more story - our new listing, at 63 Almenar in Greenbrae, 4/4, priced at $1.25MM had over 100 agents at the Brokers Open House on Thursday, and it seems like everyone had a buyer! Have to love those Bacich Schools.
