In the depths of Marin real estate history – the year 2016 – the median price of a single-family home was less than $ 1 million.
Now it is approaching $ 2 million, with no sign of a market shift in housing supply.
The median price – the point at which half of homes sold for more and half for less – was $ 1.8 million in July, according to the latest county data. This marked a 16% increase from the previous July.
The number of single-family homes sold in July was 267 as stocks remained tight in Marin. In June, 352 single-family homes sold for a median value of $ 1.755 million. In July of last year, 332 single-family homes sold for a median price of nearly $ 1.55 million.
Agents say the market has calmed down somewhat after the feverish activity of the past few months. But Beth Sasan, an agent with Golden Gate Sotheby’s International Realty office in Greenbrae, said “special houses” can still pick up around 20 offers.
âI feel like we don’t have a cooldown, but a normal market leveling,â she said. “It’s not a frenzy like it was in May.”
Ben Faber, a Compass agent, put up for sale a three-bedroom house at 74 Laura Lane in Fairfax for $ 1.25 million in late July. The seller received 21 offers before the submission deadline, including 13 over $ 1.5 million, Faber said. He did not disclose the sale price as the property is in escrow.
Faber said he expects strong demand and low inventories to continue in Marin.
âI think there was a slight slowdown over the summer, which is a typical seasonal slowdown in Marin County,â he said. âPeople are back in town and moving to school. I think that’s a really high level of demand. It really is a housing crisis. People call it a shortage, but it is a crisis.
July data for single-family homes included a median price of $ 4.9 million over eight sales in Ross; $ 4.75 million on three sales to Belvedere; and $ 3.875 million on seven sales to Tiburon.
No municipality in Le Marin had a median price in July below $ 1.1 million. In unincorporated areas, the median was $ 1.95 million.
As late as January 2016, the median monthly price of a single-family home in Marin was below $ 1 million as the market continued to rebound after the Great Recession.
In the Marin condominium and townhouse market, the median price was $ 790,000 out of 105 sales in July, according to the Marin County Assessor-Recorder-Clerk’s Office. This compares to $ 725,000 on 70 sales in the previous July.
Median condominium and townhouse prices in July ranged from $ 1.735 million on seven sales in Tiburon to $ 602,500 on 24 sales at Novato.
Robert Eyler, chief economist at the Marin Economic Forum, said he expects home price growth to slow, but he also said there was nothing on the immediate horizon – like a massive exodus from Marin or a wave of new housing construction – to change the fundamentals of the market.
âThere are going to be excess demand conditions over the next 12 to 18 months,â said Eyler, professor of economics at Sonoma State University. âSeeing further than that is delicate. “
Regionally, the median price of a single-family home in the Bay Area was just over $ 1.3 million in July, according to the California Association of Realtors. This is a decrease of 3.6% from June, but an increase of almost 24% from the previous July.
Statewide, single-family homes sold for a median value of $ 811,170 in July, down 1% from the previous month but up nearly 22% from the previous year, a reported the association.
“Despite a slight decline from its record high set in June, the California median price remains high as supply constraints continue to exert upward pressure to support home prices,” said Jordan Levine , vice-president and chief economist of the association. “However, home prices are expected to come down as housing stock improves in the third quarter and the market continues to normalize during the traditional off-season.”
The US weekly average 30-year fixed rate mortgage was 2.87% Thursday, according to Freddie Mac, the federally chartered mortgage company.