Sales in the second quarter of 2016 were brisk. The number of single family homes sold rivaled previous quarters over the last 10 years, despite the fact that inventory is currently about one-third of past levels.Generally, sales are seasonally highest in the second quarter, followed by the third quarter. The average price of homes sold has outpaced the previous 10 years, eclipsing the peak price of $1.22 million.
Home sales in the $2-5 million range jumped dramatically from 37 homes to 118, after a slow start in the first quarter. The lull in the first quarter was a result of an unseasonably high number of sales in that price range that closed at the end of the previous year. Marin home sales over $5 million hit a record number, despite concerns about the luxury market softening nationally and a slow first quarter. Month’s supply of inventory in the luxury market has dropped from a high of 33 months in 2013, to just under 6 months.
It is interesting to note that the average sale price of single family homes in June decreased to $1,583,114, down more than $78,000 compared to May. The average price in May was influenced by our sale of a property for $12 million and two sales over $9 million. Comparing last year to this year-to-date, the average price is up nearly $304,000, 30% over the peak in 2007.
Scarce inventory makes the home searching process very competitive. To assist buyers searching for homes, our company now provides access to our listings “Not on MLS.”
Average Listed and Sold Price
June saw a slight decrease in average sale price in Marin County for single family homes at $1,583,114, down $78,682 from May averages. There was relatively no change in average listing price since May in Marin County, which in June averaged $2,133,542.
Number for Sale and Sold
June inventory in Marin County decreased for the first time in a four-month upward trend, with 356 single family homes for sale, compared to 378 in May. The number of homes sold in June increased slightly, from 214 in May to 225. Single family home sales in June reflect the same number – 225 –compared to the same month last year.
Homes in Contract
Novato, Fairfax and San Anslemo led Marin County in June for the highest percentage of single family homes in contract, at 56%, 55% and 51%, respectively. Greenbrae, at 50%, saw the highest increase in homes under contract compared to May’s 36%. Larkspur had the greatest decrease of homes in contract at 40%, nearly 10% lower than May’s level. Belvedere, Kentfield and West Marin had the most saturated market with only 12% in contract in Belvedere.
Home Sales in Marin by Area
Novato, San Rafael and Mill Valley continue to see the highest number of homes sold at 52, 49 and 36, respectively. The average sale price in all three of these communities had a healthy increase. Kentfield had the greatest month-over-month decrease in homes sold, down 80% from the previous month.
Home Sales and Market Activity by Price Point
June marked inventory changes across most points in Marin County. Homes priced from $1-$2 million remain the most active market in Marin County with 108 sales in May, despite low levels of inventory. Homes under $1 million followed with 78 sales, though inventory levels remain unchanged from May. There was a slight decrease of active homes priced between $3-$9 million. Homes priced from $10 million saw an increase in active inventory with no homes sold in June.
Please se recent blog: NUMBER 1 IN MARIN COUNTY REAL ESTATE SALES