Sales are booming across Marin County as we enter the spring selling season. Demand is far outpacing the current supply, leading to aggressive competition for buyers. This imbalance in supply and demand adds considerable pressure to the market, with overbidding and price increases becoming common. Buyers are doing their homework first and coming to the property well informed and ready to make a quick clean offer if the house fits. Sellers are also now more than ever providing all disclosures up front as well as numerous inspections so that buyers can put forward their best offer.
Last month, the median sale price shot up an incredible 25.6 percent from the previous year. Similarly, the median price per square foot increased by double-digits to the tune of 14.8 percent. More than half of all homes sold did so over list price.
National mortgage rates recently hit 3 percent for the first time since July 2020 indicating the economy is regaining its footing. FreddieMac recently reported, 'As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week. But even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity.'
YEAR-OVER-YEAR COMPARISON
SINGLE FAMILY RESIDENCES
MONTH-OVER-MONTH COMPARISON
SINGLE FAMILY RESIDENCES
CHANGE IN PAST MONTH:
SALE PRICE +9.1%
DAYS ON MARKET +6 days
YEAR-OVER-YEAR REGION COMPARISON
SINGLE FAMILY RESIDENCES
TOP FIVE SALES IN FEBRUARY 2021
SINGLE FAMILY RESIDENCES
4 SANTA ANA COURT Tiburon
$9,872,000 $1,365/sq. ft. 5 bed / 7 bath 7,230 sq. ft. 0.66 Acres
46 LAGOON ROAD Belvedere
$7,877,000 $1,830/sq. ft. 5 bed / 5 bath 1,830 sq. ft. 0.22 Acres
3 TRESTLE GLEN CIRCLE Tiburon
$6,875,000 $1,149/sq. ft. 5 bed / 8 bath 5,985 sq. ft. 4.81 Acres
35 WOLFE GRADE Kentfield
$6,000,000 $1,111/sq. ft. 5 bed / 7 bath 5,400 sq. ft. 3.25 Acres
135 GELDERT DRIVE Tiburon
$5,707,000 $1,818/sq. ft. 6 bed / 5 bath 3,140 sq. ft. 0.59 Acres
