The Pace Picks UP!
Well, this probably is not news to you, unless you've been off in the wilderness somewhere without any form of contact to civilization. The market for homes has picked up dramatically, and it continues to do so at a rapidly increasing pace. The figures for the Marin market below show the specifics, but, as they only go through the end of February, they do not show the continuing rapid pickup in the market since then. However, I can assure you that this speedup is definitely continuing, just from what I see in the market on a daily basis. In our own case, since the end of February, we have had three listings that all received multiple offers. One has closed, after at least ten offers, well above asking price.
For more info on this situation, read on.
The median sales price approached the $1 million milestone in Marin County, finishing February at $995,000. Marin prices surpassed the $1 million mark only once in 2013.
Homes stayed on the market an average of 74 days, 10 days fewer than in January but still longer than last spring and summer. The MSI shrunk slightly from the previous month to 2.2.
Sellers in Marin County took home an average of 98 percent of original price, the most since October.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the adjoining chart includes single-family homes in these communities.
So, if you're thinking of selling, what do you do? Simple! Call us, and let us guide you as to what the market is doing, and how to price your home accordingly and receive the best solid offer. If you're out there trying to buy and are getting more and more frustrated or disappointed over the rapid move in the market, call us as well. We know what is going on right up to the latest listings and closings, and can advise you as to the factors that likely will affect the success or failure of an offer for a particular property. Take advantage of our knowledge of the market, and related factors, such as interest rates and recent changes in local demographics. Our numbers: Peter; (415) 279-6466; Jane; (415) 531-4091. We'd like to hear from you, and help you work your way through whatever issues you may face in the current market.
Additionally, as the quarter end approaches, look for our latest issue of our regular quarterly newsletter of Mill Valley. If you're not on our mailing list, let us know, and we can add you to our readers!