MARIN MARKET UPDATE | OCTOBER 2020

SNAP SHOT

Seven months into the pandemic, Marin County has seen a dramatic increase in activity. Pent-up demand, limited inventory, and extremely low mortgage rates have catapulted sales to record heights. Q3 ended with a 21.6 percent increase in the median sale price from the same time last year while the median price per square foot also shot up 16.5 percent. Additionally, homes are selling much faster than last year with the median days on market reduced by 11 days. 44.6 percent more homes went into contract last quarter with 45.5 percent more properties sold. The percent of properties sold over list price and the overall average of list price received both saw a modest increase as well. Looking across regions, nearly every city saw an increase in the number of sales and median sale price. Belvedere saw the largest percent spike in the number of homes sold, while Sausalito recorded the highest percent increase in median sale price, followed by Kentfield, and Larkspur. Mortgage rates remain steady with the national average for a 30-year fixed recording at 2.87 per-cent last week. FreddieMac reported recently, ‘As a result of low mortgage rates that have stayed under three percent since July, the housing market has seen a strong, upward trajectory during a very uncertain time. We’re seeing potential home buyers who now have more purchasing power and many current homeowners who have the option to refinance their loan for a better rate. However, several factors could disrupt this activity including high home prices, low inventory and lender capacity.’

Q3-2020

SALE PRICE $1,550,000

DAYS ON MARKET 23

$ / SQ. FT. $764

# FOR SALE LAST DAY OF MONTH

(SEPTEMBER)333

UNDER CONTRACT 866

PROPERTIES SOLD 880

SINGLE FAMILY HOMES

Q3-2020 Q3-2019 %Δ

SALE PRICE $1,550,000 $1,275,000 +21.6%

DAYS ON MARKET 23 34 -32.4%

$ / SQ. FT. $764 $656 +16.5%

Y E A R - O V E R - Y E A RC O M P A R I S O N

Sources: Bareis MLS & BrokerMetrics, Data for Single Family Detached Homes. All information is deemed reliable, but not guaranteed for accuracy. ©2020 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE License No. 01486075. Equal Housing Opportunity.

MARIN MARKET UPDATE | OCTOBER 2020

S I N G L E F A M I LY R E S I D E N C E S

MONTH-OVER-MONTH COMPARISON

CHANGE IN PAST MONTH : SALE PRICE: +2.5%DAYS ON MARKET: -6 days

Q3-2020 Q3-2019 %Δ

UNDER CONTRACT 866 599 +44.6%

PROPERTIES SOLD 880 605 +45.5%

# FOR SALE LAST DAY OF MONTH (SEPTEMBER)

333 497 -33.0%

% OF PROPERTIES SOLD OVER LIST PRICE 47.0% 39.5% +19.0%

% OF LIST PRICE RECEIVED (AVERAGE)

102.2% 101.0% +1.2%

MEDIAN

TOTAL

Pent-up demand, limited inventory, and extremely low mortgage rates have catapulted sales to record heights.

*Small sample size (n<10); use caution when interpreting results.Sources: Bareis MLS & BrokerMetrics, Data for Single Family Detached Homes. All information is deemed reliable, but not guaranteed for accuracy. ©2020 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE License No. 01486075. Equal Housing Opportunity.

REGION Q3 2020 Q3 2019 %Δ Q3 2020 Q3 2019 %Δ Q3 2020 Q3 2019 %Δ

Belvedere 18 5 260% 36 71 49% $4,272,500 $3,670,000 16%

Corte Madera 38 34 12% 13 27 52% $1,593,000 $1,325,500 20%

Fairfax 38 28 36% 12 26 54% $1,110,000 $977,911 14%

Greenbrae 16 16 0% 22 53 58% $1,737,500 $1,712,500 1%

Kentfield 31 20 55% 32 21 52% $3,075,000 $2,251,000 37%

Larkspur 26 13 100% 22 16 38% $2,275,000 $1,675,000 36%

Mill Valley 118 82 44% 21 30 30% $1,812,500 $1,650,000 10%

Novato 194 142 37% 28 41 32% $1,060,000 $969,750 9%

Ross 12 11 9% 8 40 80% $3,757,500 $3,595,000 5%

San Anselmo 58 44 32% 20 24 17% $1,455,000 $1,229,500 18%

San Rafael 194 133 46% 22 28 21% $1,399,000 $1,175,000 19%

Sausalito 28 15 87% 46 42 10% $2,240,000 $1,610,000 39%

Stinson Beach 8 5 60% 27 36 25% $3,362,500 $2,900,000 16%

Tiburon 58 30 93% 21 64 67% $3,222,000 $2,837,500 14%

All Marin County 880 605 45% 23 34 32% $1,550,000 $1,275,000 22%

YEAR-OVER-YEAR REGION COMPARISON(MOST RECENT QUARTER)

HOMES SOLD(TOTAL)

DAYS ON MARKET(MEDIAN)

SALE PRICE(MEDIAN)

Y E A R - O V E R - Y E A R C O M P A R I S O N S

MEDIAN SALE PRICE

SINGLE FAMILY RESIDENCES$1,550,000

+21.6% year-over-year

MEDIAN MARKET TIME

SINGLE FAMILY RESIDENCES23 days

-11 days year-over-year

NUMBER OF SALES

SINGLE FAMILY RESIDENCES880

+45.5% year-over-year

Sources: Bareis MLS, All information is deemed reliable, but not guaranteed for accuracy. ©2020 Vanguard Properties. All rights reserved. Equal Housing Opportunity. DRE License No. 01486075. Equal Housing Opportunity.

MARIN MARKET UPDATE | OCTOBER 2020