September in Marin: No Fall in Home Prices as the Market and Weather Both Heat Up

September is here (already?) in Marin, one of our best weather months and the unofficial restart to the home buying season. I hear this is pretty much true in the rest of the state, also, but no idea if that’s the mantra throughout the country. Individual pockets of home sales can be like the weather: despite the sun being out, one neighborhood, town or county may be hot, while others are cool or at the least temperate. Marin is no exception.

Mt. Tamalpais, East Peak

We have twelve towns, fifty different neighborhoods and as many weather patterns, with home sales following in step, even getting down to the street itself. Due to our topography, the dearth of level land runs roughly at only 25%. This means that 3 out of 4 listings are generally on a hillside, so more supply equals less demand. Sure some of those may have wide open bay views, making them more desirable to many buyers. But level lawns, sidewalks and lemonade stands still rule the highest on the desirability charts, though some homes have both outstanding views and a small yard, making them right up there on the want-list also. (My current listing at 197 Corte Ramon in Greenbrae, has this, but they are rare, otherwise). Still, a 2,000 sq ft 3 Br home on the flats will sell for at least 25% more than the same home on the same street, just up the hill a bit. Supply and demand, that’s it. But as the population continues to age, more buyers are taking advantage of one story homes, or at least a place with the master on the main living floor.

Weather can be the same story. That low down house in the flats can be protected from the westerly breeze and warm, while the house on the hill can be cooler by up to ten degrees. And don’t get me started on the cooler temps overall of southern Marin. In the spring and summer, it can vary by up to twenty-five degrees, though fall and winter tend to both run in step countywide.

For the year, the median home price rose 9% to $1.325 mil, while the Days on Market (DOM) dropped to an average of 24 days, down from 30 this time last year. Fewer people are moving, so buyers have less to choose from. Those who have been looking for awhile soon learn that compromise and flexibility are the key to their success. With mortgage rates set to rise (possibly twice more this year), now may be the time for that compromise, if only for the long term, economic savings.

That’s it for now. Enjoy September, wherever you are, and thanks for reading.

Ted
415.377.5222
ted@gomarin.com

Filed under: Marin Real Estate Blog by Ted Strodder