Marin home prices on the decline?

The Marin IJ recently reported a slip in Marin home prices. However, stats from BAREIS (the local MLS provider) shows the median hit a new record of $1,155,000 in June. So, while not entirely accurate (as usual), here's the article from the IJ…

After breaking through the $1 million barrier in April, Marin's median home price fluttered back to earth in May. The median price for a detached home in Marin was $925,000 last month. The median was down from a record $1,010,000 in April - the first time any California county passed the $1MM mark - but still up 2.8% from May 2006.

The median price for a Marin condo or townhouse was $592,000 last month, up 8.2% from the previous May. Sales of detached homes rose 10.4% year-over-year, while condo sales fell 10.4%.

John Karevoll, a DataQuick analyst, said he expects Marin real estate will eventually return to the $1 million threshold. "The numbers always bounce around," he said. "I think it just has to do with mix. The overall trend in Marin is prices are going to go up."

Marin's median price continued to lead the state. Market observers said it was unlikely that the recent surge in Treasury yields - which has made home mortgages more expensive - will have a significant overall impact on Marin. Read More >>