Well, as many of you may already be aware, prices here in Marin continue to rise. Why the constant increases in value? Well, there are a number of reasons. Read on.
It always, more than anything else, comes down to inventory. You know, the old adage on supply and demand. Similar to April, inventory conditions in Pacific Union’s Bay Area regions in May were almost uniformly down year over year. The lack of homes for sale pushed prices higher from one year earlier in nine of 10 regions.Single-family homes in Marin County sold for a median price of $1,365,000 in May, a one-year high. For the second time in the past year, homes traded at slightly higher than original prices, an average of 100.5 percent.
Homes left the market in an average of 37 days — identical to April’s sales pace — while the MSI was 1.4, up slightly from the previous month and down from one year earlier.
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.
Buyer or Seller: what does this mean for you? If a Buyer you be, it means get pre-approved for your mortgage if you’re financing a purchase, and then get out and start looking seriously! On the other hand, if you’re a Seller, get your home in ready to sell condition. Take care of any needed repairs, consider staging and call your Realtor!
Give us a call in either circumstance. We have over 50 years combined experience and would be glad to help you. You know the numbers: Peter: (415) 279-6466; Jane: (415) 531-4091.