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Marin County Real Estate Tracker: October 2020

Corcoran MarketTracker
Corcoran Global Living
Marin is Booming
We haven’t seen these kinds of sales in a single quarter in over 15 years. The third quarter (Q3) had a 90% absorption rate. That means that almost every home that came on the market sold! This is the second quarter in a row in which more than 700 homes came on the market. Even with that huge influx of inventory, it can’t keep up with demand; Q3 had a 0.9 months supply of inventory (MSI).

Over Asking, Please
Most homes in Marin sold over asking in Q3. Historically, the average percent of list price received hovers around 97%. In Q3, the average was 101%. As demand increases and supply decreases, buyers become more aggressive. In order to be the winning offer in a multiple-offer-situation, people begin to knowingly overpay. This strategy involves bringing in extra cash to cover the difference between the appraised value of the home and the purchase price in the contract. Overbidding creates sharp jumps in market value (like the ones we are seeing now) as opposed to a slow and steady increase.

Home values have appreciated over 25% in the last 3 years leading to a record high MSP of $1,550,00. The most competitive market in Marin is entry level properties at the 1.1M price point and below.

A Mystery is Afoot
For 3 months in a row, the number of recorded sales of entry level properties has exceeded the number of listings on the MLS. How can that be? Well, the market is so hot that homes are selling off-market to buyers with connected and savvy Realtors. These Realtors can show homes before they even hit the market. The more competitive the market gets, the more often we see this type of listing.

To make sure you are seeing the best Marin has to offer, connect with your Corcoran Global Living agent.

All Marin

Sold for $1,355,000

47 Chickasaw Court, Corte Madera
3BR // 1.5BA // Listed for $1,250,000

Sold for $1,375,000

8 Westbrae Drive, Fairfax
3BR // 2BA // Listed for $1,200,000

Sold for $1,725,000

95 Suffield Avenue, San Anselmo
4BR // 3BA // Listed for $1,549,000

Sold for $740,000

677 Olive Avenue, Novato
3BR // 1BA // Listed for $699,000

Newest Listings »

Recent Sales »

Happenings Around the Bay Area

Oh, fall! There are just so many reasons to love the season. As the temperatures get cooler and the leaves start to change their color, look here for Autumn events that everyone in the family will enjoy.

Get ready to visit a whimsical wonderland of lights this winter! From Dec. 1 through Feb. 29 an art installation coming to Golden Gate Park will transform Peacock Meadow into an enchanted forest.

The holiday season is upon us! As we all know, the holidays in 2020 will be different from years past. This year, crowds will be smaller and we will stay 6 feet apart, but you can still enjoy time spent with loved ones and yummy nibbles.
David O'Brien
Broker Associate GRI
LIC# 01832087
Deirdre O'Brien
LIC# 1990538
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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