The median price for a single-family home in Marin was $ 1.71 million in August in a market that continues to favor many sellers.

The price, which is part of the latest monthly data released by the county’s Office of the Evaluator-Recorder, was down from $ 1.8 million the month before, but up 12% from August 2020. The median price is the point at which half of the homes have sold for more money. and a half for less.

The county recorded 277 single-family home sales last month, slightly more than in July but less than 320 the previous August.

After months of feverish shopping, Cathy Youngling, president of the Marin Association of Realtors, said she saw a “slight slowdown” in the market in parts of the county. She said sought-after properties always receive multiple offers, but not as many, and take a little longer to sell.

“If I were a buyer, I wouldn’t be discouraged. she said. “If I were a seller, I would price at market value and not where I hope it sells.”

One property near the median was 426 Locust St. in Sausalito, a two-bedroom house near Caledonia Street that sold in mid-August for $ 1.725 million. Despite an unusual house setup – no interior access from the main level to the lower level – the property received two offers and sold for a little more than requested, said Julia Bernardini, the seller’s agent.

“Buyers are shopping, I would say, in all price ranges,” she said. “There is a lot of wealth there. … The only problem we have is that we need more houses.

Bill McKeon, a 44-year-old real estate agent in Marin, said he has never seen a hot market last as long as the current one. He said a property valued at around $ 1.5 million, particularly in southern Marin, “just goes into escrow.”

McKeon was the seller’s agent for 86 Claire Way in Tiburon, a three-bedroom, one-bath house of approximately 1,000 square feet. It was listed at $ 1.295 million, received six offers and sold for $ 1.53 million.

“Personally, I haven’t seen the prices drop,” he said. “They seem to be pretty stable. I think it would be interesting to see what happens between now and the holidays.

At the high end of the Marin market, three homes in Ross sold for a median price of $ 5.5 million in August while eight homes in Belvedere sold for a median price of $ 4.45 million. . No region in the county had a median price below $ 1.1 million last month.

In Marin’s condo and townhouse market, the median price in August was $ 750,000, according to the county. It was $ 790,000 in July and $ 769,000 in August 2020.

Median townhouse prices in August ranged from $ 1.23 million in Sausalito to $ 615,000 in Novato.

Statewide, the median price of single-detached homes was $ 827,940 last month, up 2.1% from July and 17.1% from August 2020, according to the California Association of Realtors . This is the fifth new price record in six months, the association said.

Statewide sales were down 3.3% from July and 10.9% from August 2020.

In the Bay Area, the median price of a single-family home was $ 1.265 million last month, the association reported. This is an increase of 18.4% year over year, but a decrease of 2.7% from July.

“While home sales in the lower end of the market are underperforming due to a lack of supply and the economic uncertainty brought about by the COVID resurgence, the more expensive segments continue to show growth in double-digit sales preventing the overall market from also moderating. fast, ”said Jordan Levine, vice president and chief economist of the association. “With interest rates expected to remain low for the remainder of the year, sales in California will remain strong by pre-pandemic standards, while price growth is expected to slow further in the coming months. “

The US weekly average for a 30-year fixed-rate mortgage was 2.88% Thursday, according to Freddie Mac, the federally chartered mortgage company.

Leave a Reply

Your email address will not be published.