Marin County, California, sits just north of San Francisco's Golden Gate Bridge, straddling Highway 101, and boasts some of the most valuable real estate in the Bay Area. Homes in Marin (cities and towns include: Mill Valley, Sausalito, Tiburon, Belvedere, Corte Madera, Larkspur, Greenbrae, Kentfield, Ross, San Anselmo, San Rafael and Novato) have, by and large, maintained their value over the past 18 months. There are a number of neighborhoods that have continued to see prices appreciate (albeit, moderately) and other isolated neighborhoods where prices have dropped. Many condominiums, in particular, have experienced such declines in value-especially those located in Novato.
The following is a brief rundown of absorption rates and trends (based on last month's numbers) in Marin County, as of March 1, 2007:
Current Absorption Rates (single family homes):
City/Town | Month's Inventory | Up or Down? |
Sausalito | 5.6 | ↑ .2 |
Mill Valley | 3.4 | ↓ 1.1 |
Tiburon | 3.6 | ↓ .6 |
Belvedere | 5.3 | ↑ .9 |
Corte Madera | 1 | ↓ 1 |
Larkspur | 3 | ↑ 1.2 |
Greenbrae | 1 | ↓ 1.6 |
Kentfield | 4.2 | ↑ .1 |
Ross | 4.3 | ↑ 1.1 |
San Anselmo | 2 | ↓ 1 |
San Rafael | 2.2 | ↑ 1.3 |
Novato | 3.5 | ↓ 1.9 |
When the absorption rate is under 3 months, we generally consider the market one that favors the sellers. When the absorption rate is between 3 to 6 months, you have a more balanced market. Once you get above 6 months, however, prices tend to make meaningful strides downward. In Marin County, while we have pockets of communities that have absorption rates higher than 6 months, we are seeing well-priced homes sell with multiple offers even in those communities.
*Note: If your town's absorption rate is not sampled above, or if you would like information on condominiums, please call Kyle at (415) 350-9440 or go to NorthBayRE.com.
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