Click this link to read my Marin Real Estate Market Tracker for Oct. 2020 and see how it is still a seller’s market, for example, days on market are low, inventory remains low and prices are high. It is a great time to sell your home in Marin. Contact me if you have questions about Marin County Real Estate.
What does a Seller’s Market Mean?
It is a simple supply and demand example. When there are more buyers than sellers (or houses on the market) then the sellers have more control over price and terms thus having more control. Marin has been in a seller’s market for almost 10 years.
Going North for the Winter
Marin continues to enjoy the migration of city dwellers across the Golden Gate. San Francisco and Peninsula transplants are seeking out larger homes and easier access to open spaces. Prospective homeowners who were considering the move to a warmer climate and improved school district have been catalyzed by the pandemic.
These newcomers translate into major growth in sales figures. The median sales price (MSP) for single-family homes is up 6% since October 2019, and that of condos is up 13% since 2019. The number of homes going into contract in October tells the same story. We saw 210 October sales of single-family homes in 2019, and 319 October sales in 2020. That’s a 51% increase! Condos went from 53 October sales in 2019 to 77 in 2020—a 45% increase.
In order to understand the buyer pool relative to the selection of property being sold, we look at the percent of the list price received. In 2019, the percent of list price received was 97%. In 2020, we reached an even 100% for October. This means that buyers are feeling more competitive and placing higher bids.
Find out more about Marin schools: https://hollyinmarin.com/marin-county-public-schools/