The Marin County real estate market stayed relatively steady during the past month. As you can see in the chart below, sales were down just a bit, but the average price per square foot rose from $537 to $549 (for single-family homes).
The big picture is this: California real estate markets have been on the fast track to recovery in 2013. Housing prices have risen so sharply in some cities, particularly here in the Bay Area, that some experts have talked about the reemergence of a real estate bubble. The dramatic increase in prices, however, was driven mainly by a low supply of homes for sale under $2 million, as well as a significant presence of investors and cash buyers.
Tight market conditions led to a substantial rise in multiple offers, sales occurring on the day of listing, and selling prices far above the asking prices. While market conditions are clearly favoring sellers, there are indications that some of the California's real estate markets may be at a turning point.
Home Sales in Marin by Area
The average sale price for single-family homes in Marin is now $1,177,759, just 3% below the peak in 2007, while the average price per square foot is $549, still 9% below the peak of $601. Belvedere had the highest home sale last month. That price is confidential, but it is in excess of $20 million. The next highest-priced sale was for $6,740,000 in Ross. The areas with the fastest turnover were Fairfax at 21 Days, Greenbrae at 27 Days and Kentield at 30 days.
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