The real estate market in Marin cooled off during the last quarter of the year. Where prices of single family homes in the previous quarter had risen 21% year-over-year, that percentage has dropped to 7% this quarter. That is due to a 9% drop in the median price in Q4 ($1,405,000) compared with Q3 ($1,547,250). The median price a year ago was $1,310,000, which still leaves us 7% higher for the year.
In Q3, the annual increase in the price of condos was 15%. That annual percentage increase had dropped to 9% in Q4 thanks to a 4% drop in the median price of condos from the previous quarter ($725,000) to $695,000 in Q4.
As I had predicted last quarter, the run up in prices over the summer has not been sustainable, though it remains to be seen if the drop in prices in Q4 is the start of a trend, or simply a reflection of the holiday season with fewer shoppers in the market to drive up prices. My guess is that Q1-2021 will again see price increases.
For homes sold in Q4, the average price paid was 3% above the list price.
The Days on Market has changed little, from 26 to 27, so things are still moving quickly.
It remains a Balanced Market for homes over $1,500,000 and remains a Sellers Market for homes less than that.
To view the complete report, including prices by type of property and by town, visit www.MarinRealtyExperts.com/Market_Update
Peter Nielsen, 415-299-0487, Peter@MarinRealtyExperts.com