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Marin County Real Estate Tracker — May 2019

Zephyr MarketTracker Zephyr
Is the Market Correcting?

Tracking April over April, this is the first time in the last 5 years that we have seen the value of single family homes decrease. At the end of 2018, we saw a statistically tiny decrease (0.003%), but that was a small aberration in an otherwise very consistent increase. The Case Shiller Index actually showed no decrease in values, just a steady increase.

2019 is shaping up to be quite different than 2018 or 2017. For one thing, the tax laws are disadvantageous to high-value real estate. We are also in year 8 of a historically shorter recovery cycle. That said, the Bay Area economy is in a unique position where tech, a limited supply of space and housing, and the American economy all intersect. Many of the statistics are contradictory, reflecting this complex web of factors.

A Mystery is Afoot

Since the 1st of the year, active listings have been building, resulting in a surprising increase in total inventory. Over the last 2 years, this number becomes even more intriguing: a 39.17% increase for single family homes and a 62.17% increase for condos. One might assume, from the dramatic nature of these statistics, that the number of pending sales and sold properties had corresponding dips, but that is not the case. In fact, the pending sales of single family homes are only down 2.16% over the last 12 months, and the pending sales of condos are actually up 14.58%.

There has been a slight dip in median sales price (MSP). Looking at April over April, the MSP of single family homes has decreased 7.14%, and the MSP of condos has decreased 6.67%. In the midst of this mystery, new listings of single family homes have decreased by 18% and new listings of condos are up 7.27%, yet another opposition.

The Luxury Market

Sales above $3,000,000 represent the upper end of the Marin market. This amounts to less than 9% of the total sales. The smaller sample size causes wide fluctuations in the MSP, so we recommend consulting with an experienced realtor when running the numbers on a property with this level of singularity.

All Marin
Sold for $1,735,000
178 Madera Way, Mill Valley
3BR // 2.1BA // Listed for $1,688,000
Sold for $1,250,000
20 Montevideo Way, San Rafael
4BR // 3BA // Listed for $1,074,900
Sold for $1,720,000
235 Via La Cumbre, Greenbrae
3BR // 3.1BA // Listed for $1,795,000
Sold for $725,000
4 Picadilly Court, San Rafael
2BR // 2BA // Listed for $675,000

Newest Listings »

Recent Sales »

Happenings Around the Bay Area
Summer is here and hopefully days of rain are behind us! With warm weather on the horizon, it is time to get out of town and enjoy Northern California’s beauty. Better yet, enjoy the scenery with a drink in hand. This list of 5 trails with bars at the end will come in handy the next time you’re looking to get some exercise, enjoy the sunshine and grab a drink, all at the time same time! Read More »»
Memorial Day Weekend is a time to enjoy the outdoors, BBQ and attend garden parties to mingle with friends and family. With Memorial Day Weekend coming up, you may still be wondering what to bring to that Memorial Day party potluck. If you are still trying to come up with a dish to serve, take a look at this list of 20 recipes sure to please everyone. Get creative and get to cooking! Read More »»
With summer here, the Bay Area is alive with festivities. Being home to some of the best food and drink offerings in the world, the Bay Area has reason to celebrate. Each summer, there are new and returning festivals, events and celebrations for all to enjoy. Visit them all or visit a few, but be sure to checkout this summer’s top food and drink festivals. Pull out your calendar and use this list as your guide! Read More »»
David O'Brien
Broker Associate GRI
LIC# 01832087
Source: San Francisco Association of REALTORS® MLS (SFAR MLS). Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS.

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