As we approach the mid-year mark, overall real estate results continue to reflect a very tight inventory market, and a continuing shift in sales by price category. County wide median prices for single family homes and condominiums / townhomes are above last year, and in some municipalities increases exceed 10%. I believe these double-digityear on year increases will moderate slightly through the balance of the year. However, until we see a significant increase in inventory available for sale, sellers will remain in control. The enclosed median price chart for single family homes details specifics from year end 2003.
Available residential inventory is -44% vs. the same time in 2012, and -7% vs last year. Unit sale are tracking even with last year for single family homes, and-3% for condominiums / townhomes. The enclosed chart details the specifics by municipality and for all of Marin County.
Further analysis ofSales by Price Category and the Percentage of Sales in Contract notes the ongoing shift in sales prices and the demand / energy within key price segments. Generally speaking, when the Percentage of Sales in Contractexceeds 35 %, sellers are in control, and when it drops below 35 % buyers tend to have more control.
The above percentages note that today sellers are enjoying strength throughout the market, and that unit sales continue to migrate to higher price points due to lack of inventory <$1.0m. Within the last five years, the sales of homes priced between $1.0m – $3.0m have doubled as a percentage of total Marin County sales, while the sales of homes priced below $1.0m have decreased by 25% of total Marin County sales.
All data and trends continue to favor sellers. Hence, if you are considering the marketing and sale of your home, now is the time.Lean inventories and positive demand, throughoutMarinCounty,equates to advantage sellers.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 2017.
Luxury Property Specialist