This is the 2nd quarter in a row that offers some good news for buyers. Last quarter, for the first time in years, we saw prices drop, both for single family homes and condos. Still, sales prices averaged 2% over list prices. This quarter for the first time in recent memory, sales prices were 1% less than list prices. So it appears that the multiple over asking price wars are essentially over.
The median price of a single family home is at $1,315,000, not much changed from the $1, 300,000 seen last quarter. The median price of a condo, however, increased from $625,000 to $647,500.
The good news for sellers is that right now there is a seasonal shortage of listings, so that if you were to bring your home to market, it would have about half the competition that it will have in few months.. The available inventory will likely increase steadily from now through April.
It has shifted from a Sellers Market to a Balanced Market for homes priced under $900,000; it remains a Balanced Market for homes in the $900,000 - $1,500,000 range and remains a Buyers Market for homes above that price
To see the prices for each community and a chart of Marin home prices over the past 10 years, click here.
Peter Nielsen, Broker