Marin Market in May: “As Crazy and Unpredictable as I’ve Ever Seen It”

Just so we’re clear, those words have been spoken by dozens of Marin agents over the last month. Me included. While I’ve been through many different market gyrations and cycles, this one we’re in is definitely a first. The reason? It’s simple. Many homes are selling with multiple offers, while others are taking much longer. This isn’t that unusual here, but the gap between these is.

One recent sale in my hometown of Greenbrae at 13 La Cuesta was listed for $2.195mil, then Sold a week later for $2.813mil with 6 offers. That’s over $600,000 over asking, for a small, one story house that was livable, but could have used some updating. By comparison (though not a direct one) a two story house less than 1/4 mile away at 129 Bretano in Greenbrae has been sitting for two months with a reduced asking price of $1.750mil. Yes, it’s a bit smaller, but on a lot that’s twice the size. The reason for the disparity? Level land. The home on La Cuesta was on a flat lot, with lemonade stands out front. While the home on Bretano is on a hillside, with virtually no level yard, but with excellent privacy. There’s no need for any window coverings on homes like these, unless you want to keep out the morning sun. Given that Marin county (and Greenbrae) is 75% hillside, it’s a clear indication of the supply/demand dynamic here, with the demand for single story homes outpacing multi-story by a wide margin.

Take this other sale at 11 Stadium Way nearby in Kentfield. Another small single story home on a small, flat lot that was listed for $1.350mil, only to receive 5 offers and close for nearly $300,000 over that price. Watch for this to continue and not just here, but nationwide.

Further adding to the unpredictability of our market was the craziness in Washington and with the stock market. You’ve seen it as well as I have: Up, down. Back, forth. Stable, unstable. Makes it hard to decide which way the wind is blowing, even if it’s calm out. Let’s hope things settle down there soon.

Meantime, enjoy May wherever you are. It’s a great month here in Marin, with the days growing warmer, flowers, lawns and hillsides popping. It’s awesome.

Thanks for reading,

Ted

415.377.5222

ted@gomarin.com

Filed under: Marin Real Estate Blog by Ted Strodder