The coronavirus is likely to blame for a drop in the number of sales that were concluded in Q2 – 576 vs 806 in the same quarter a year ago. Surprisingly though, neither the coronavirus nor the volatility in the stock market have negatively impacted prices, which are up significantly – by 8% from a year ago and by 12% from the previous quarter. This can perhaps be explained as a supply and demand dynamic. With fewer homes on the market, the price of available properties is being bid up. The average price paid was 1% above the list price.
The median price of single family homes was up 9% for the quarter and 8% for the year, to $1,445,000. The median price of condos was $723,000 up 11% for the quarter and up 10% for the year.
The Days on Market has gone from 33 to 27 which may be attributed as well to a lower supply.
It has shifted from a Buyers Market to Balanced Market for homes over $1,500,000 and remains a Sellers Market for homes less than that.
To view a detailed list of prices by town and to see how prices for single family homes and condos have changed over the past 10 years, click here. Feel free to send me your comments or questions and please call if I can be of assistance to you in buying, selling or leasing a home or income property in the North Bay.
Peter Nielsen, Broker
Marin Realty Experts