Happy New Year! Once again sellers are sipping their champagne celebrating another year of success. Yes, we remain in a strong sellers’ market. The 2017 year end results are in, and are noted below. Data by municipality is contained in the enclosed charts.
What’s interesting to note, is that after three years of lower unit sales(single family homes + condos / townhomes), we achieved a positive unit sales result of +2.7%, in total residential sales.(And this was against record low inventories.) Record low inventories and stronger unit sales translates into higher real estate valuations. As a result, the trend towards higher end pricing throughout Marin county continues, with 16% of all sales above the $2.0m mark in 2017 vs. 6% in 2012.
Inventory levels remain at historic lows. At year-end 2017, we have -14% less available inventory vs. year end 2016, and -49% vs. year-end 2102. I do not see a serious recovery in inventories for 2018, which will continue to fuel a strong seller’s market, hence, multiple buyers for most properties. Also, there areno indications that buyer demand is weakening.
One trend that began, over 4 years ago, that continues to gain strength, is the demand for properties that are already buttoned up. Today’s buyers are very well informed and as demanding as ever and, they will pay for the “right” property. However, the right property is more than (just) the location. Today’s buyer, recognizing that they are paying premium prices, demands a premium product. Buyers have raised the bar, i.e. if the property isn’t properly looked after and spruced up, and move in ready, they will not pay the premium price. Painting, landscaping, staging and complete disclosures, including inspections, will make a huge difference.Premium pricing requires a premium product.
As noted above, all data and trends continue to favor sellers. Hence, if you are considering the marketing and sale of your home in 2018, now is the time to get ready. Our key marketing and sales season is less than 60 days away.
Please feel free to contact me, and I’ll be more than happy to come by and provide you with a comprehensive market analysisand home evaluation, coupled with a strategic marketing and sales plan, enabling you to achieve success with the sale of your home in 2018.
Luxury Property Specialist