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Sales in Marin County real estate are always interesting to try and figure out, at least for us! This month was interesting, to say the least. Sales for the month vs. last July were down significantly, 13.62%. That is a big decline. Other indicators of a declining market include average Days On Market, which was at 52 days on market for the month, vs. 37 days a year ago. That is a significant increase, as more days on market means it is harder to sell homes, which is consistent with a sales decline.
The median sales price, which is the sales number with half of the sales above and half below, i.e. the middle, did not change vs. last July. It is $1,400,000.
But this was the twist: average sale price was up13.3% for the month.
Interestingly , this Is consistent with what has been happening nationally. From US News and World Report: “US Home Sales Fade In June As National Median Sales Price Hits All Time High Of $450,000.”
Now we can’t remember the last time we saw a home for sale in Marin for $450,000 – but the article attributes the high price to low inventory. Forbes magazine had a similar outlook on the issue, blaming low inventory.
Yet Marin inventory remains strong, with 646 homes available for sale. But only 24 %, or 153, are already in contract.
Our takeaway: lots of Marin homeowners have a lot of equity, and are in no hurry to sell. They are also paying a low mortgage rate. So many homeowners are willing to sit and wait until they get what they think is a fair price. That is why days on market is increasing: sellers are holding on until they get the number they want. And with Marin County always being a tough place to get a home, they seem to be eventually finding the right buyer.
There may be some leeway though. In the last two weeks, the average ratio of sales to list price is 95%. In other words, buyers are on average paying 5% below the list price. We are not sure how that affects numbers for the month at this point.
Data for the month is shown below.
