From Pacific Union International Chief Economist Selma Hepp – April 13, 2018
Marin County’s housing market followed the typical seasonal pattern in the first quarter of 2018, with a slow January and February, then a jump in March. March sales, however, were constrained by a lack of homes for sale, which have been continually declining. Overall in the first quarter, there were about 16 percent more sales of homes priced at more than $1 million than during the same period last year.
Nevertheless, buyer eagerness amid low supply has translated into a strong increase in median home prices, and especially robust appreciation for homes priced below $1 million. Marin County continues to lure buyers from the Wine Country who may have been affected by the fall wildfires.
Buyers are also slightly more aggressive, and relatively more homes sold over the asking price than during the same period last year at a faster pace. Buyer competition picked up notably for homes priced above $3 million, and half of those properties sold for more than asking price, compared with 18 percent at that price point that sold over the asking price in the first quarter of 2017.
Looking Forward: While strong open-house traffic in March suggests that homebuyers in Marin County communities are eager to re-enter the market, a lack of homes sale may hold back sales during the spring season. Buyers do not seem yet to be affected by rising mortgage rates or the tax-reform package.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts includes single-family homes in these communities.
To drill down on specific Marin County neighborhoods, click here to see the Pacific Union Q1 Real Estate Report in full.
