Back Home“Marin Home Sales Continue But Not in All Price Ranges, Cooling Underway in Other Areas”
July is here in Marin with nothing but warm temperatures and daily sunshine that–like most things–is ahead of last year. It’s a little hotter each year here, along with other parts of the US, but not so much with the housing market. Home sales and the economy are near the top of everybody’s talking list these days as we’re all touched by both of those to some degree. While prices and sales continued to move up in May and June, it was at a much slower pace than a year ago. And while many other parts of the country have cooled (or have gone cold) at least there is a pace here, even if it’s plodding along and it’s certainly not in all price ranges.
As usual, the median and average price ranges continue to dominate the sales stats. You’ll see below that is now $2 mil and roughly $2.6 mil respectively, with 112 sales being right there in the $1 mil – $2 mil mark, with approx half that in the $2 mil – $3 mil range. Still a strong showing $4 mil – $5 mil, but very quiet over $5 mil though.
Take a look at the two charts here:
The big question (which I get almost daily) is where we go from here. Despite the availability of good charts, we’re very much in uncharted territory here. While we really don’t know beyond a month down the road, I can say that sales are still strong for those properties that are smartly priced and check a few boxes for buyers, at least in the $1 mil – $3 mil range. Those homes still sell every single day, including yesterday and the day before that. So demand continues and supply is still limited, but for those homes that aren’t well-priced or box-checkers, look out. It could be a long cool summer for you. So if you’re a seller, listen to your agent and don’t over-price. If you’re a buyer and looking for a long term (more than five years) home, don’t pass up an opportunity hoping the price drops. Just because you read an article about a crumbling market in Austin, Phoenix or Denver, it doesn’t mean it’s happening here. All those areas (and many more) saw tens of thousands of new homes being built, flooding the market and with many more to come. As I’ve said for months now, “look out” if you’re a seller there. Prices are tumbling down, big time. But luckily for sellers here, we still have a fixed supply of homes with a still-growing demand to live here.
That’s it for now. It’s a whole new world and I for one am very curious to see what happens. In my thirty-five years of doing this, I’ve never seen anything like what we have right now, even in the face of higher (though certainly not “high”) interest rates. Until next time, enjoy July wherever you are and please stay safe. As always, thanks for reading.
Ted
415.377.5222
ted@gomarin.com
© Copyright 2019 Ted Strodder. 