There were a few surprises in the end of year data for Marin County home sales, but the story we have been hearing for the last two years- high demand, low inventory, was illustrated in the data. Some highlights:
– Average sale price for the County increased 7.6% vs. 2014, to $1,279,412. No surprise here. But this was actually slightly higher than the average list price of $1,266,587. So the average home in Marin sold above list price. That’s the first time we have ever seen that!
– Total unit sales declined slightly for the third straight year, reflecting the inventory shortage, but are still at a relatively healthy 2,966 units sold.
– Prices rose most dramatically in three of the most upscale communities: Belvedere, Kentfield, and Ross.
– The big driver of price is still commute time to the city. With the exception of Ross, the closer you are to San Francisco, the more people will pay per square foot.
What to expect for next year? As we write this the stock market has fallen below 1600 , China is still a big unknown, and the Fed has not announced any changes to their plans to increase interest rates. We’re also eight years into a tech boom, and the nation just had its seventh consecutive year of economic growth.
Our prediction: expect a return to normal. Normal means price appreciation more in the neighborhood of 3-5%; more reasonable inventory levels, and slightly longer days on market. That would also be consistent with what economists are predicting on a national level. Check back at this time next year to see if we were right!
2015 Marin County Home Sales Year End
|Jurisdiction||Average Sale Price 2015||Percent Change vs. 2014||Average Square Feet||$ per Square Foot|
Source: Bareis MLS