The Marin real estate market, which practically shut down for March and April, continued the upsurge it has been on since May into November.
We keep waiting for monthly sales to stop increasing but they aren’t doing that. In November, there were 307 homes sold vs. 237 in November of 2019, a 29% increase. It is also the same as the number of homes sold in October, at a time of year when we typically see sales declining.
Not surprisingly the number of new listings for the month was also up dramatically, at 56%. And average days on market , a very good indicator of demand, fell dramatically from 57 days last November to only 37 days this November. To put that in perspective, remember most closings take 30 days, so that means homes are barely sitting on the market.
As you would expect, pricing is also up. The average sale price for the month is $1,648,750, up 9.2% from last November’s $1,508,808
And on a year to date basis we have now surpassed ALL 2019 data. The number of units sold is 2,743 vs. 2,669 last year. And to emphasize it again, we pretty much were shut down for two months this year.
And year to date the average sale price is now $1,666,478, vs. $1,460,996 at this point last year.
These are all serious increases, with no real signs of slowing down. And indications continue to be, as noted by economists, that real estate will continue to be hot through 2021.