Marin Real Estate 5.4.12
Prices are rising dramatically this spring.
The total number of homes sold continues to rise as well. 216 single family homes were purchased in Marin County in the month of April compared with same month last year in which only 161 sold. That is an increase of 34%.
Median prices are up 2% from $760,000 to $775,000.
Avg. prices are up 1% from $1,016,000 to $1,0125,000.
Price changes alone would not signal a rebounding market. It is the combination of price and activity along with the amount of homes that are selling in the first 30 days for over the asking price that indicate a vigorous market.
These numbers are in stark contrast to the numbers from earlier this year as well as late 2011 statistics. While some of the activity is due to the usual spring uptick, not all of it can be attributed to a seasonal change since last spring while active, did not have price increases.
As I have mentioned previously, Silicon Valley and SF were building out large commercial spaces for new tech businesses over the past year. Staffing has begun. As a result, SF and other cities further south are seeing price wars and frantic buyer behavior. Marin usually receives a rollover effect as buyers head north in search of price relief.
Marcus & Millichap, a commercial real estate brokerage with offices around the Bay Area, expect apartment vacancies in Silicon Valley to drop below 3 percent; a level not seen since the dot-com boom.
Would you like me to analyze your town? Please email me a request and I will send you the new valuations.
We are still selling short sales and foreclosures but the inventory is beginning to dry up. Expect to see this number decrease by the end of the year.
Marin County Single Family Residences April 2012
- Homes Sold: 216
- Median Price: $775,000
- Average Price: $1,024,909
- -30 day Close: 92 homes (=43% of all units sold)
- -30 Day Close: 101% of original list price
- 120+day Close: 40 homes (=19% of all units sold)
- 120+day Close: 81% of list price
- Distressed: 58
Marin County Single Family Residences April 2011
- Total Home Sold: 161
- Median Price: $760,000
- Average Price: $1,015,788
- -30 Day Close: 38 homes (=26% of all units sold)
- -30 Day Close: 98.29% of original list price
- 120+ Day Close: 46 homes (29% of all units)
- 120+ Day Close: 83% of list price
- Distressed: 39