Marin Housing Market: Situation Normal, Everyone’s Confused
Interesting article in the Sunday Marin Independent Journal about the housing market. It’s the usual collection of mixed opinions, noting that prices have risen slightly, sales have dipped slightly, and please, would somebody tell us which way this is all going?
We’re in a NORMAL market. It’s not a Buyer’s market, where prices are falling, sellers are begging for offers, and and days on market is rising. And it’s not a Seller’s market, with multiple offers on most listings, sales price routinely coming in over asking, and agents scouring the bushes for listings.
It’s normal, with 28% of homes in contract that are available in Marin County. It’s normal, with well priced listings moving very quickly, and overpriced ones languishing, even the ones in Greenbrae, the hottest market in Marin right now. It’s normal, with buyers and sellers negotiating once they’re in contract, with both sides giving a little, and contracts closing somewhere in the middle of the two, often somewhat below asking price.
Newspapers don’t like NORMAL. NORMAL doesn’t sell newspapers. But it does sell houses.
Best part of the article were 10 year graphs included for each town in Marin County, showing real estate appreciation. Highest appreciation was Larkspur, where average selling price has increased 183% in the last 10 years. The lowest was San Rafael, which increased 146% - still not bad, considering it’s leveraged and you get to live in it. The graphs aren’t online, but I have it copied and can send it via pdf if interested - just email me to request it.
