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| Marin Single Family Home Sales - March 2013 |
| The real estate market in Marin was active in March. Many properties, particularly those under $1,000,000 received multiple offers. We are experiencing a rush of buyers trying to enter the market before prices and interest rates increase. Sales jumped from 129 last month to 192, nearly a 50% increase. Note that the inventory of available homes is still over 70% below the peak. The Average Price of Single Family Homes is only 10% less than the peak price in 2007, but the cost per square foot is still 20% below. This shows these values have not rebounded as much as the Average Price, which reflects the price point of purchases. |
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| Marin Homes in Contract |
| Inventory has been the key factor in limiting purchases and this lack of supply will help to support price increases, particularly at the lower price points. Novato led the county in the percentage of homes in contract at 73%, followed by Greenbrae at 71%. Corte Madera and San Rafael tied at 71%. These are astounding numbers and highly unusual. The chart above shows that at the Peak in 2007, only about 20% of homes were in contract. The Beach Cities and Belvedere had the lowest percentage of listings in contract at 15% and 19% respectively. |
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| Average Listed and Sold Price of Homes |
| Sellers are anticipating increasing prices and the Average List Price of homes has now increased to over $2.5 million, where the actual Sale Price for the same period is $1,094,000. This represents an ever increasing gap. Sellers at the higher price points typically have less severe financial pressures and can afford to wait for the market to catch up with the list prices. |
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| Number of Homes For Sale and Sold |
| The number of homes for sale has increased from the dramatic low of 230 in December due to anticipated seasonal increases. However, there is a substantial difference between March of this year when compared to last year. Last March 460 homes were available in March of 2012, whereas only 282 are currently offered, a 38% decrease. |
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| Home Sales by Area |
| Homes continued to sell briskly in Novato, San Rafael and Mill Valley. The highest priced home sold in Kentfield was $4,700,000, followed by Sausalito at $4,101,300 and Mill Valley at $3,775,000. The highest Average Price was in Ross at $2,158,333. |
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| Market Activity by Price Point |
| The sales in March were primarily under $2 million, where the inventory is only a two month supply. There were no sales in the higher price points over $5 million so the months of inventory based on closed sales could not be calculated. The price point from $5-7 million has 21 properties for sale with only 1 contingent and 1 pending. There are an additional 15 properties for sale over $7 million. |
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