Marin Homes Real Estate Market Report - May 2014
The active listings inventory for Single Family Homes in Marin increased 14% to a season high in the month of April. Sales continue to be strong with the number of sold listings increasing by 28% month-over-month.
May 18, 2014 (Newswire.com) - Market Snapshot
Federal Reserve Chair Janet Yellen cautions "that readings on housing activity have remained disappointing so far this year and will bear watching". A statement partially based on National building permits, which fell 2.4% in March. The Bay Area landscape has actually seen a surge of new developments in established communities like San Francisco, Larkspur, Corte Madera, San Ramon and even Orinda. Rates are still near record lows but are gradually increasing as the Fed tapers their monthly bond purchase activities.
The active listings inventory for Single Family Homes in Marin increased 14% to a season high in the month of April. Sales continue to be strong with the number of sold listings increasing by 28% month-over-month. The small drop in the average sales price can be attributed to the near 30% increase in sales for the month, which is still above the 2007 peak average. The $603.78 price per square foot for Single Family Homes in Marin is also still above the 2007 peak average of $601.00.
Home Sales by Area
Tiburon had the highest home sale in April, at $6,550,000. Belvedere had the longest Average Days on Market at 117, with West Marin not far behind at 102. Ross had the shortest Average Days on Market in Marin County at 13. Mill Valley, Novato and San Rafael continue to move the most inventory with double digit closings for the month of April.
Homes in Contract
For the fifth consecutive month Corte Madera continues to thrive with an overwhelming 69% of inventory in contract for the month of April. Two of the 15 Marin locales in our report have more than half their inventory in contract for the month of April. The fewest homes in contract remained the Beach City area at 6%.
Marin Market by Price Point
Over 60% of active Single Family Homes in Marin are under $2 million, they also represent 84% of April's sales. High-end estates continue to come to market with the $7M to $10M inventory increasing 77% month-over-month. The Months of Inventory figure dropped significantly in the $5M-$7M range from 16 the previous month, to 3 in April. Only 5 of these resulted from closed sales.
Average Sale Price
The Average List and Sales Price came down slightly from the previous month, which can be attributed to the increase in inventory. The Average Sales Price for April of $1,373,007 is 20% higher than the same time the previous year.
Number of Homes Listed and Sold
The number of Single Family Homes in Marin for sale in April 2014 increased substantially year-over-year by 25%. The closed sales were up month-over-month at a modest 23% increase.
Q1 came to a close on March 31st with some impressive market results for Decker Bullock Sotheby's International Realty.
#1 Marin County Sales Office - Highest Dollar Volume
#2 Marin County Sales Office - 2nd Highest Dollar Volume
#1 Highest Average Sales Price in Marin at $3.1M
#1 Highest Priced Sale in Marin at $12M - Decker Bullock Sotheby's International Realty represented both the Buyer and Seller.
"We're strongly optimistic about our first quarter results and our company's market growth," said Chief Operating Officer Heidi Pay. "Most importantly it validates our impressive roster of real estate professionals and the extraordinary results they produce. Our offices outpaced competing brands by over 30%, and our Average Sale Price was over $1.5 million higher than the Marin average.
Please see full report:
Decker Bullock Sotheby's International Realty
145 Lomita Dr, Mill Valley, CA.94941