July in Marin: Crazy Times For Marin Real Estate as Home Buyers Flee San Francisco Looking For Fresh Air
It’s July in Marin and it looks like the home-buying fireworks from June are going to add to those in celebration of the Fourth. These last two months are usually a fairly busy time for active real estate agents, but I have to say May and June have been some of the craziest ever in my thirty four year career (I started when I was three). In addition to sellers trading within the county–often in the same town–we’ve seen a threefold increase of city buyers seeking all that Marin has to offer: a house with an actual yard or view, great schools, ample parking everywhere you go, plus miles of open space with all the fresh air you need for safe social distancing. Let’s hope everyone keeps that distance and continues with a mask. Life can go on, just with some strict modifications for our health and safety, along with those around us. But back to the market.
As you read last month, the low and mid price ranges have been incredibly active since home sales dipped following the SIP announced on March 16th. Prices didn’t drop during that brief period, but as is common with any big news event, people just hunkered down and did nothing. Sellers stopped selling and buyers stopped buying, for the most part, just not entirely. We hit the bottom of the trough in mid April and the market started to slowly ramp back up, averaging roughly 5 home sales per day. Since then, we’ve seen 158 homes sell in May and another 280 in June, (over 9 per day) pushing the average sale price up to $1,758,000, much of it again driven by San Francisco residents moving to Marin. But it’s the higher price range sales that’s helped move the average up north of $1.7 mil. We’re now seeing that strata of the market get just as hot in the lower ranges, especially if there’s level land and “done” condition involved. And speaking of hot, pool homes are all the rage again as people hope to shelter in their own mini-resort if possible. Watch for sales of properties to continue here, especially if interest rates stay at these crazy-low levels.
Let me know of any questions on that. I’m here to help. Meantime, enjoy July wherever you are and please stay safe. As always, thanks for reading.