You will notice a fresh new look for our statistics this month. This direction is moving forward from the comparison with the peak year of 2007. As a final recap, the Average Residential Price in Marin, which includes both condos and single family homes is now over $1.3 year-to-date and $1.4 for August. This compares to the 2007 previous peak figures of $1.2 million in 2007. Residential Price per Square Foot for all homes and condos combined has increased 7% from $598 in 2007 to $640 year-to-date, and when limited to single family homes in Average Price Per Square Foot jumps to $695 for the month of August.
Our statistics will now be including the Minimum, Median, Average and Maximum sales data, in addition to the Square Footage and Price per Square Foot for each category. This should be helpful in assessing the relative differences, although for the most accurate estimate we can provide you with an individual pricing analysis of your home. The number of available homes does not include properties in a contingent or pending status.
The number of Marin single family homes Available and Sold peaked in June, tapering in July and August. Historically, September and October bring a new surge of inventory to market. While the August Average Home Prices saw an uptick from a soft July, it was down roughly 10% from the previous August.
Home Sales in Marin by Area
Novato, San Rafael and Mill Valley continue to see the highest Number of Homes Sold at 42, 32 and 22, respectively, though all remain slightly under July levels. The Beach Cities, Belvedere and Corte Madera all saw the number of homes sales double in August compared to July. Average Days on Market ranged from a rapid 23 in Corte Madera, which reflects accelerated closing times, to 153 in the Beach Cities which service a more discretionary market.
Average Active and Sold Price
Average Sale Price in August increased 3% from July, after a two-month decline beginning in May for Marin County single family homes. This month, the Average Sale Price came in at $1,454,676, up $29,000 from July. There was also a notable increase of $220,000 in Marin Average List Price in August compared to July.
Number for Sale and Sold
Inventory in Marin County tightened again in August, continuing a downward trend since May, with 332 single family Homes for Sale, compared to 399 in July. The Number of Homes Sold in August also decreased, from 195 in July to 163. Single family home sales in August remain significantly lower compared to the same month last year, by 48 units — a drop of 23%.
Homes in Contract by Area
Fairfax led Marin County in August for the highest percentage of single family Homes in Contract at 55%, followed by San Anselmo (42%) and Novato (41%). The Beach Cities had the greatest percentage increase since July, from 13% to 30%, while Belvedere and Tiburon saw healthy increases of roughly 10%. Greenbrae and Ross had the greatest decline percentage of Homes in Contract compared to last month, currently at 29% and 25%, respectively.
Average Sale Price History
One should keep in mind that the 10% decline in average sale price from August last year is affected by the high end market. In August 2015 there were six homes sold over $5 million, including the highest priced home ever sold in Marin at $47.5 million, compared with 4 homes over $5 million this year, with the highest priced home sold last month at $6.22 million.