Market Report | September 2009

Marin County home sales were brisk in September, helping boost prices yet again - the average price rose 11%.

The median price of a single-family home in Marin was $825,000, flat compared with the previous month and 144 homes were sold - down slightly from last month. In August, the median price was up 6.5% to $825,000 and 164 homes were sold. Though prices were still 5.7% below a year ago, the number of homes sold was about the same and this is very encouraging. Hopefully, this trend continues.

Recent trends suggest the housing market is stabilizing, and it looks like now is a good time to make a long-term purchase. Interest rates dropped below 5-percent last week, and inventory is up - there are some great bargains out there right now.

Market Report | August 2009

Home prices in Marin are showing signs of life. Last month, home sales jumped - median price up 6.5% from the previous.

The median price of a single-family home in Marin was $825,000, down (only) 5% from $870,000 last year, and 166 homes were sold - up from the 160 homes in August 2008. In July, the median price fell 7% to $771,500 and 165 homes were sold.

While prices were still down 5% from a year earlier, that was a big improvement compared with July's 23% decline from 2008. This encouraging data is evidence that prices may be stabilizing and hints of an upward turn from a bottom - hopefully, not short-lived.

Market Report | July 2009

Home prices in Marin have been going up and down since the beginning of the year, and July was no different. Last month, home sales fell - median price down 7% from the previous month.

The median price of a single-family home in Marin was $771,500, down 23% from $1,000,000 last year, and 165 homes were sold - down from the 183 homes in July 2008. In June, the median price jumped 16% to $833,000 and 185 homes were sold.

Average prices were up in all areas except for Mill Valley, Novato and San Rafael where prices fell 34%, 5% and 3%, respectively.

Marin brokers market share report

The following graph compares the top Marin County brokers side-by-side, for the first half of the year.

Frank Howard Allen continues to be the market leader. Number one in the Marin and North Bay markets, with 22.26% of the market share. Coldwell Banker comes in second at 10.37%.

Market Report | June 2009

Home sales bounce back in June - median price up 16%, but continue their overall decline from last year.

The median price of a single-family home in Marin was $833,000, down 23% from $1,077,500 last year, and 185 homes were sold - up from the 178 homes in June 2008. In May, the median home price in Marin was $720,000 and 146 homes were sold.

The most sizeable declines were felt in Belvedere, Corte Madera, Kentfield, Larkspur and San Anselmo. While marginal increases were seen in Fairfax, Greenbrae and Mill Valley - Ross was up considerably. Overall, results were mixed but encouraging. The Marin market seems to be finding its footing in this new environment and we’re hopeful things will continue to improve throughout the year.

Market Report | May 2009

After 2-months of steady growth, Marin home sales faltered in May - median price down 10% from last month.

The median price of a single-family home in Marin was $720,000, down 35% from $1,113,000 last year, and 146 homes were sold - down from the 169 homes in May 2008. In April, the median home price in Marin was $800,000 and 107 homes were sold.

May’s declines were felt almost uniformly across the county, with nearly every area suffering set-backs except for the few lucky.

Market Report | April 2009

Last month home sales in Marin grew for the second straight month, median price up a healthy 11%. In March home prices jumped 12%, and it appears the market may be stabilizing.

Sales volume is up, and the number of homes in contract now stands at 26%, +3% from last month. *Less than 25% is a buyer’s market, 25%-40% is neutral and 40% or more is a seller’s market.

That said, prices continued their fall from the great show last year. The median price of a single-family home in Marin was $800,000, down 21% from $1,020,000 last year, and 107 homes were sold - down from the 147 homes in April 2008. In March, the median home price in Marin was $720,910 and 89 homes were sold.

How's the Marin Market?

The best quick answer to that question is, "It depends on where you are and what you're selling." Marin County makes for a diverse real estate market, divided into many micro markets, all looking different but operating very dependent upon each other as far as business activity, mortgage opportunities and the psychology of today's buyers are concerned.

In Marin the two surging marketplaces now are Novato and San Rafael for properties under $700,000. Sausalito began the year with 10% of its listings under contract and has doubled that figure to 20% in 3 short months. In the same time period, both Fairfax and Corte Madera have increased their percentage of homes in contract by 7%.

During an economic climate that has been cruel to luxury properties, it's noteworthy that a home on the Belvedere Lagoon that was listed for $5,000,000 received an offer within eight days and sold for 98% of the asking price. "How did they do it?" you may ask. It goes back to "it depends on where you are and what you are selling." This was a quality-built three-year-old home located on the water, and when it came to pricing, the sellers followed the agents' advice.

We have also seen an uptick in luxury properties selling in Mill Valley. In the last two weeks in the $1-3 million range, four properties received an accepted offer and three properties successfully closed escrow.

With so much uncertainty, so many changes and potential false starts, why buy or sell now? Inventory, competition, the condition of a property, zip codes, lifestyles, the profile of a buyer, and the flexibility of a lender will be the keys to making the 2009 market work for both buyers and sellers.

If You're A Seller
It's important to invest in pre-home inspections and a home warranty as they will save you time and money in the negotiation and will help avoid surprises.

It's also vital to get more aggressive about pricing and be willing to be flexible at the table. Sellers have one chance to get on the market-the first time they list, so prices have to be based on stats and facts, not emotions. Fair market value will be difficult to find in 2009 because in many areas there are so many tiers of pricing, from overpriced, to teaser prices, to foreclosure prices, to short sale prices.

Buyers are coming back to the market but are more cautious; some will be priced out of the market if interest rates rise, and those that stay will want concessions at the bargaining table.

If You're A Buyer
Realize what a great market this is. We're experiencing greater affordability and the lowest prices in years. Financing is also a favorable factor with the lowest interest rates in 52 years, government incentive programs, conforming loans increased to $729,250, and many sellers willing to extend financing. It is time to step out of the "buying shadows" and make the plunge. Don't miss the market and the opportunity!

If you have any questions about the market, please don't hesitate to contact us at 888.DREAM-13 or by email.

Mill Valley Home Sales for Q1, 2009

Home sales in Mill Valley fall in the first quarter of '09 and buyers are taking advantage of the lowest prices in years.

The average sales price for Mill Valley is down 23% from its peak of $1,499,000 in 2008, presently at $1,151,000. During the same period, Marin County declined more than 25%.

Marin Home Sales for Q1, 2009

Home sales in Marin County decline in the first quarter of '09 and buyers are finding discounted bargains.



Sales volume is down 49% from March 2007, and 15% from last year. Inventory, on the other hand, is up 25% and 9%, respectively. The increase in inventory and lack of demand (only 23% in contract) is putting pressure on home prices, which are down considerably. The average sales price for Marin is down 38% from its peak of $1,368,000 in 2007, presently at $840,000.

It’s definitely a buyer’s market and Marin homebuyers are taking advantage of the heavily discounted prices. We haven't seen deals like these since 2003-'04, and this makes for a great opportunity for anyone in the market looking to buy.

If you have any questions, or would like more info about a specific area, please contact us at 888.DREAM-13 or by email.

Market Report | March 2009

Last month home sales in Marin saw a nice jump from February, median price up 12%, but continued their overall slide downward from last year's stellar performance.

The median price of a single-family home in Marin was $720,910, down 20% from $905,000 last year, and 89 homes were sold - down from the 105 homes in March 2008. In February, the median home price in Marin was $644,500 and 62 homes were sold.

The bulk of March’s decline was from the sale of distressed property in Novato and San Rafael, which have been hit particularly hard by the downturn in the housing market. The median price is down 23% and 21% from a year ago, respectively.

Market Report | February 2009

Last month home sales in Marin continued their decline, median price down 15% from January.

The median price of a single-family home in Marin was $644,500, down 30% from $911,500 last year, and 62 homes were sold - down from the 80 homes in February 2008. In January, the median home price in Marin was $765,000 and 71 homes were sold.

The bulk of February’s decline was from the sale of distressed property in Novato and San Rafael, which have been hit hard in the recent months. The median price is down 33% and 35% from a year ago, respectively.

Marin brokers market share report

Frank Howard Allen dominated the Marin real estate market in both units sold and dollar volume for all 2008 with 24.2 percent of units sold and 22% of dollar volume.

Market Report | January 2009

Last month home sales in Marin jumped, median price up 12% from the previous month.

The median price of a single-family home in Marin was $765,000, down 27% from $1,045,000 last year, and 71 homes were sold - down from the 82 homes in January 2008. In December, the median home price in Marin was $686,000 and 90 homes were sold.

The bulk of January’s decline was from the sale of distressed bank-owned property in San Rafael, which has been hit particularly hard by the downturn in the housing market. The median price is down 23% from a year ago.

Market Summary | November 2008

November marked yet another rocky month for Marin real estate. The medium home price hit a new low of $824,000 for the year, a 7.3% decline from last month.

No doubt the Marin real estate market has been suffering a slow steady decline over the last few months. While our once highly-publicized ‘bulletproof’ market is slowing, when you dig deeper, it is clear that the problem is very much isolated. The real culprit leading the slowdown is Northern Marin where we are seeing a sizeable number of distressed bank-owned ‘REO’ sales and some foreclosures. The rest of the market is faring rather well in fact. Southern Marin, for instance, is at par with last year and the high-end is actually appreciating. In reality, Marin is holding up exceptionally well relative to the broader market, and is expected to continue to outpace the national average as it has since its development.

Market Summary | October 2008

Happy to report a small bounce in home prices for Marin County this month. After two consecutive months at $875,000, the low for the year, October’s median home price of $888,888 is a welcome change. While down significantly from last year's $1,000,000, the lift is encouraging and hopefully a trend that will continue.

Market Summary | September 2008

Virtually no change from last month’s shockingly weak results. In fact, Marin's September median home price of $875,000 is identical to last month which is the lowest we've seen in years.

Market Summary | August 2008

A shocking drop in Marin home prices in August from $1,000,000 to $875,000, down 12.5%. With an overall median of $1,050,000 for the first half of 2008, this is particularly uncharacteristic for the Marin housing market and we’re hoping a fluke.

Market Summary | July 2008

Here's a quick summary of the market trends for July...

Market Summary | March 2008

The Marin median home price has been fluctuating since the start of the year and March was no different.

We started the year out strong with January’s record-breaking $1,045,000. Last month, however, the median declined for the second consecutive month, down from $932,000 to $900,000. While still exceptional compared to the national market, we are starting to wonder if there is a pattern here? Trends would imply more of the same in the short-term and we anticipate similar swings through year-end. That said, there are some encouraging signs in the marketplace that make us think differently. There was a huge spike in the number of new listings in March, as well as the amount of properties under contract. This points to a more balanced market, while suggesting further improvement likely.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for March...

Market Summary | February 2008

After a huge spike last month, the median home price falls from its all-time record high of $1,045,000 to $932,000. Despite the drop, market stats for February are overwhelmingly positive. There was an impressive jump in new listings, as well as the number of properties under contract. In addition, days on market decreased significantly from last month. Together, this implies a very healthy market and points to a bullish spring.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for February...

Market Summary | January 2007

Very happy to report a healthy reversal from last month's decline in the median home price. In fact, not only are we back above the $1MM mark but we have a new record of $1,045,000. This is welcome news after a disappointing December.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for January...

Market Summary | December 2007

December was a tough month for the Marin real estate market. The median home price dropped a whopping $100K. While most cities actually saw slight increases, others like San Rafael had hefty declines which pushed the overall market down.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for December...

Marin pricing history 1965-present

According to the Marin Association of Realtors (MAR), the average Marin home price has increased consecutively over the last 41-years with the exception of the 1990-92 recession.

The average now stands over $1,200,000, making Marin the highest-priced county in the U.S.



Average sales 1965-present [Bareis]

Market Summary | November 2007

With a current median home price of $1,000,000, Marin seems to be holding its own in this slumping U.S. housing market and manages to keep the honor of priciest county in the country.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for November...

Bay Area housing market among best

Forbes recently ranked two Bay Area housing markets among the top in the U.S...

At 9.4%, San Jose came in at number 3 on their list of best U.S. housing markets and San Francisco was number 4 at 8.6%.

While Marin County was not mentioned in Forbes, interestingly, the median home price is up a big 6.2% for the third quarter which puts it at number 7 on their list. Moreover, with a current median of $1,000,000, Marin still holds the top spot in U.S. for the highest median home price.

Best And Worst U.S. Housing Markets [Forbes]

Market Summary | October 2007

The median home price in Marin took a big leap in October. Back above the $1MM mark, the median now stands at $1,011,000. Last month marks a 6.5% increase from 2006. Absolutely extraordinary given the slumping U.S. housing market.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for October...

Market Summary | September 2007

The median home price in Marin took a slight dip below the $1MM mark in September. Presently at $969,000, Marin's median has remained practically impervious despite the U.S. housing slump. While down, September marks a hefty 8.87% increase from 2006 and Marin County continues to outperform the rest of the bay.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for September...

Bay Area home sales

Single-family homes in Marin seem to be doing fairly well compared to the rest of the Bay. While sales are down almost across the board around the Bay Area, prices in Marin continue to break new ground.

Marin’s August median price of $1,000,000 is among the highest in the nation and by far the top in the Bay Area. Marin’s August median is also an 8.7% increase from ’06. Not bad considering the down-turn in the housing market. However, like the rest of the Bay, volume is way off -down a whopping 32.8% from last year.

The following chart compares home sales in Marin and across the Bay Area. Click on the chart below for complete details...

Market Summary | August 2007

After a slight dip in July, the median home price inched back above the $1MM mark to $1,025,000 last month. This marks a 5.5% increase from August 2006. Despite the improved median price, sales volume was way off last year’s 244 closings. Not much of a surprise given what's going on in the mortgage industry right now.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for August...

Marin median home price slips below $1MM

Today, the Marin IJ reported that the Marin median home price has fallen back below the $1MM mark. According to the IJ, the median price presently stands at $950,000, down from June’s $1,125,000. While our numbers differ slightly, it does appear that the record-breaking run over the last several months has indeed ended.

Despite the drop, Marin remains one of the strongest housing markets in the U.S. The median is still 3% higher than last year and sales remain robust.

> From the Marin IJ...

Marin's median single-family home price fell back to $950,000 last month, still higher than this time last year, but below last month's record $1.125 million.

"The median has bounced around a little bit," said Valerie Castellana, president of the Marin Association of Realtors. "The homes at the higher end definitely drove the median up in the spring and again when it hit it (the $1 million mark) in June. With the lending crises or problems, the buyers that are struggling a bit are at the lower end of the market."

The total number of Marin homes sold last month - just over 300 - was nearly identical to July 2006, when the median price for single-family homes hit $900,000. Read More >>

Market Summary | July 2007

The Marin housing market took a slight turn in July. The median price dipped to $970,000, down from $1,155,000. This ends the record-breaking streak experienced over the last several months. Still, July was a 3% increase from 2006.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for July...

Prices continue to rise briskly in Marin

We've seen various editorials about the strong Marin housing market recently. Today, the Wall Street Journal reported on the U.S. housing recovery and talked about demand in the Bay Area, Marin County in particular, holding up much better than the overall market.

Prices in Marin continue to rise rapidly. The median price in Marin County hit a new record high of $1,155,000 in June, and Marin is the first California county to break the $1MM threshold.

> The Wall Street Journal...

In the San Francisco Bay area, prices have continued to rise briskly in Marin County, a posh area with fairly short commutes to the city, and Santa Clara County, buoyed by hiring at Silicon Valley firms, says Scott Kucirek, general manager of Prudential California Realty. But prices generally have fallen in Solano County, which is a longer commute and has more new construction and entry-level homes. Read More >>

Marin's median hits record $1.125MM

The Marin IJ reports a new record median home price of $1,125,000 for June. Our numbers tally the median price at $1,155,000. Nevertheless, this is the third consecutive month Marin's median surpassed the $1MM mark.

> From the Marin IJ...

After falling back into the stratosphere in May, Marin's real estate market shot through the ozone layer in June.

The median price for a detached home in Marin County hit a record $1,125,000 last month, up 16 percent from June 2006, according to figures released Wednesday by DataQuick Information Systems, an industry research firm. The median is the point at which half the homes cost more and half cost less.

It was the second time Marin crossed the $1 million threshold. In April, the county's median single-family home price hit $1,010,000 - the first time any California county broke the seven-figure barrier - before slipping back to $925,000 in May. Read More >>

Mill Valley housing market doing just fine

Today, our little town of Mill Valley was recognized as having one the best housing markets in the nation by the New York Times. Not a bad little piece of press from the largest metropolitan newspaper in the country.

> Here's the article from NYTimes...

Given that the real estate market is supposed to be in free fall, some strange things have been happening recently in Mill Valley.

It is one of the expensive suburbs of San Francisco just over the Golden Gate Bridge, and much of the housing market there seems to be doing just fine. One three-bedroom house sold for $1.4 million last month without ever being officially put on the market. The seller accepted a pre-emptive bid — $20,000 above the asking price — from somebody who had heard that the house was about to be listed for sale.

“The homes that are having a hard time selling are the average-priced homes,? said Vanessa Justice, a real estate agent with Pacific Union in the Bay Area, where the median house price is about $750,000. For upper-end homes, she said, “it’s actually pretty crazy right now.? Read More >>

Market Summary | June 2007

June was yet again another record-breaking month for the Marin housing market. The median price for a single-family home hit a new record high of $1,155,000. This marks the third month in a row above the $1MM threshold.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for June...

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 >>

Bay Area home sales

The following chart compares Bay Area single-family home and condo/townhouse sales with a month ago and a year ago. According to this study, Marin County single-family sales are up 2.8% from May ’06, while condo/townhouse sales are up a whopping 8.2%.

Click on the graph below for complete details...

C.A.R. forecasts 14 percent sales decline, modest increase in median home price for state

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today projected a 14 percent decline in single-family home sales this year, and forecast a 1.8 percent increase in the median price of a home. C.A.R. Executive Vice President Joel Singer delivered the Association’s 2007 Midyear Housing Market Forecast as part of the California REALTOR® Showcase and C.A.R.’s Legislative Day activities this week in Sacramento.

Sales are expected to fall to 410,500 units in 2007, a 14 percent decline from the 477,460 pace recorded in 2006, according to the forecast. The median price of a home will reach $566,500 this year, a 1.8 percent increase from the $556,640 median for 2006.

“Sales have declined in all areas of the state, but higher-end markets have experienced somewhat smaller declines,? said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Sales are weakest in areas that had a lot of new home building in recent years or those areas that had been popular for second home purchases. Read More >>

Marin brokers market share report

The following graph compares the top Marin County brokers side-by-side. Frank Howard Allen easily steals the show with 24.5% of the market share, while Pacific Union comes in second at 16.4%.

Click on the graph below for complete details...

Market Summary | May 2007

May was another landmark month for the Marin housing market. While slightly below last month’s record high, the median price for a single-family home still holding steady at $1,035,000. This marks the second month in a row above the once elusive $1MM threshold.

Here's a quick snapshot from the MDH Newsletter with a summary of the market trends for May...

Marin median home price hits $1MM mark

Somewhere out there, there's a world where housing prices are flaccid, real estate is rotting on the market and homeowners are watching equity evaporate like the morning dew. And then there is the alternate universe that is Marin County.

The median price of a single-family home in Marin was $1,010,000 in April - breaking the $1 million barrier for the first time and shattering the previous record of $973,000 in April 2006, according to DataQuick Information Systems, a La Jolla-based research firm.

Marin is the first county in California to pass the $1 million single-family home median - the point at which half the homes sold for more money and half for less. In addition, Marin was the only county in the Bay Area where sales of detached homes increased from April 2006 to April 2007. Marin home-owners sold 254 detached houses last month, up from 250 the previous April - while the overall nine-county Bay Area posted a 20 percent decline. "It's a world unto itself," said DataQuick analyst John Karevoll. "Marin dances to its own tune. It always has." Read More >> [Marin IJ]

Market Summary | April 2007

April was a record-breaking month for the Marin housing market. The median price for a single-family home hit a new record of $1,075,000 breaking the $1MM mark for the first time.

Here's a quick snapshot from our newsletter with a summary of the market trends for April...