Did that headline make you think I am nuts? I probably hear this question at least ten times a day- what is happening in the Marin Real Estate Market? The real estate market isn’t pretty, anyone who tells you differently is likely to be blowing smoke. Below is a historical look at the Marin real estate market from December 2007 to December 2008. These numbers are for single family homes in Marin County (no condos). It is not an easy time to be a seller in Marin. In the majority of communities, the real estate market stinks. Despite the horrible market, it may not be a bad time to sell.
Why? If you are a home owner who is planning on making a move in the next 18-24 months and you are purchasing UP, buying a larger home, it is a great time to buy. Ideally, we could all time the market to have sold in the hey day, rented and purchase now. The reality is that most people didn’t. If you are buying up, you may eat it on your home sale. Excuse the brutal truth, but the market isn’t great for sellers. Most people cannot hold on to their existing home and make a new home purchase. The good news is that on the buy side, you might be able to find a deal. You will in almost all cases pay less for that new home than you would if you purchased it 12 or even 24 months ago and that is the bright light in this kind of real estate market.
| December 2007 | December 2008 | |
| # Marin Homes For Sale |
501 | 710 |
| # Marin Homes Sold |
111 | 82 |
| # Marin Homes Pending |
101 | 84 |
| Months of Inventory based on closed Marin home sales | 4.5 | 8.7 |
| Months of inventory based on pending Marin home sales | 5 | 8.5 |
| Average Active Price for Marin homes | $1,571,000 | $1,379,000 |
| Average Sold Price for Marin homes | $1,364,000 | $845,000 |
| Average Price/Sq. Ft for Marin homes | $590 | $438 |
| Sold vs. List Price Difference | 96% | 94% |
| Sold vs. Original List Price Difference | 91% | 87% |
| Days on Market for Marin homes | 94 | 100 |
| Median Price for Marin homes | 900 | 675 |
*Marin Single Family Homes Statistics. Data pulled from Trendgraphix & BAREIS Multiple Listing Service.