The Power is Now

Marin real estate: Median home price hits $1.49M – Marin Independent Journal

The median price of a detached home in Marin was $1.49 million in December, a year-over-year increase of about 6%, according to the latest data from the county assessor’s office.

The price, while a gain, marked a drop-off from the double-digit increases over the summer, when the Marin median swelled as high as $1.8 million. The median price is the point at which half the homes sold for more money and half for less.

Susan Hewitt, an agent with Golden Gate Sotheby’s International Realty in Greenbrae, handled a sale in December that was near the median price. She said the property — a three-bedroom hillside home at 84 Bret Harte Road in San Rafael — listed at $1.325 million and sold at $1.5 million.

“They came in with a great offer, and it just worked for everybody,” said Hewitt, an agent for 34 years.

At the high end of the market, two detached homes sold in Ross in December at a median price of nearly $16.2 million, the county reported. Four homes in Belvedere sold for a median price of $6.7 million, and six homes in Mill Valley sold for a median of $3.5 million.

At the lower end of the market, eight detached homes sold in Fairfax at a median price of $1.16 million; 26 in San Rafael at $1.3 million; and 39 in Novato at $1.325 million.

The number of detached home sales in Marin was 170 in December, down 35% from the prior year, according to the county data.

Hewitt said the market is already “absolutely insane” for 2022, with some homes in escrow at 20% over asking price. She expects prices to keep rising because of the limited supply.

“There is huge pent-up demand because our inventory situation is so dire,” she said. “Especially in the under-$3 million or $4 million market.”

For Marin County condominiums and townhomes, the median price in December was $780,000, up about 5% year-over-year. Sixty-one attached homes sold that month, compared with 69 the prior year.

The county has not yet released its real estate data for January.

Regionally, the median price for a detached home in the Bay Area was $1.2 million in December, according to the California Association of Realtors. The price was a 13.4% increase over the prior December. Sales volume declined 23.1% year-over-year.

Statewide, the median price for a detached home hit $796,570, an 11% year-over-year gain, the association reported. Sales volume declined nearly 16% year-over-year.

“Despite signs of moderating in the second half of the year, California’s housing market continued to outperform last year’s level and remained competitive even as home prices rose at a double-digit pace — a testament to the imbalance of high demand and not enough homes on the market for sale,” said Otto Catrina, an East Bay agent who is president of the California Association of Realtors.

The U.S. weekly average for 30-year fixed-rate mortgages was 3.55% as of Thursday, according to Freddie Mac, the federally chartered mortgage company.



own shows