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MHL

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You are here: Home / Marin County Real Estate Market Report – June 2016

Marin County Real Estate Market Report – June 2016

Sales in the second quarter of 2016 were brisk. The number of single family homes sold rivaled previous quarters over the last 10 years, despite the fact that inventory is currently about one-third of past levels.Generally, sales are seasonally highest in the second quarter, followed by the third quarter. The average price of homes sold has outpaced the previous 10 years, eclipsing the peak price of $1.22 million.

Home sales in the $2-5 million range jumped dramatically from 37 homes to 118, after a slow start in the first quarter. The lull in the first quarter was a result of an unseasonably high number of sales in that price range that closed at the end of the previous year. Marin home sales over $5 million hit a record number, despite concerns about the luxury market softening nationally and a slow first quarter. Month’s supply of inventory in the luxury market has dropped from a high of 33 months in 2013, to just under 6 months.

It is interesting to note that the average sale price of single family homes in June decreased to $1,583,114, down more than $78,000 compared to May. The average price in May was influenced by our sale of a property for $12 million and two sales over $9 million. Comparing last year to this year-to-date, the average price is up nearly $304,000, 30% over the peak in 2007.

Scarce inventory makes the home searching process very competitive. To assist buyers searching for homes, our company now provides access to our listings “Not on MLS.”

Average Listed and Sold Price

June saw a slight decrease in average sale price in Marin County for single family homes at $1,583,114, down $78,682 from May averages. There was relatively no change in average listing price since May in Marin County, which in June averaged $2,133,542.

Number for Sale and Sold

June inventory in Marin County decreased for the first time in a four-month upward trend, with 356 single family homes for sale, compared to 378 in May. The number of homes sold in June increased slightly, from 214 in May to 225. Single family home sales in June reflect the same number – 225 –compared to the same month last year.

Homes in Contract

Novato, Fairfax and San Anslemo led Marin County in June for the highest percentage of single family homes in contract, at 56%, 55% and 51%, respectively. Greenbrae, at 50%, saw the highest increase in homes under contract compared to May’s 36%. Larkspur had the greatest decrease of homes in contract at 40%, nearly 10% lower than May’s level. Belvedere, Kentfield and West Marin had the most saturated market with only 12% in contract in Belvedere.

Home Sales in Marin by Area

Novato, San Rafael and Mill Valley continue to see the highest number of homes sold at 52, 49 and 36, respectively. The average sale price in all three of these communities had a healthy increase. Kentfield had the greatest month-over-month decrease in homes sold, down 80% from the previous month.

Home Sales and Market Activity by Price Point
June marked inventory changes across most points in Marin County. Homes priced from $1-$2 million remain the most active market in Marin County with 108 sales in May, despite low levels of inventory. Homes under $1 million followed with 78 sales, though inventory levels remain unchanged from May. There was a slight decrease of active homes priced between $3-$9 million. Homes priced from $10 million saw an increase in active inventory with no homes sold in June.

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Behzad Zandi - Marin County Real Estate Agent

A local of Marin County, Behzad has over two decades of experience in financing and in real estate.

He first began his career in the mortgage industry in 1994. By 2006, he received his broker’s license and expanded into the real estate market.

His extensive knowledge of both finance and real estate has served him well, and he has since gone on to win multiple awards including: the Highest Dollar Volume Award, the Gold and Silver awards, and the President’s Club. He also received the Executive Club’s award for four years in a row. Behzad was honored to be recognized as a Top Producing Agent at Decker Bullock Sotheby’s International Realty for 2015 & 2016. He currently is the broker associate at Bayview Residential and a top producer both on real estate and finance.

He studied engineering in England but changed field to Film Making in San Francisco and went on to make several documentaries. This experience of different cultures and getting to know people on a personal level has helped him to take great pride in his commitment to his clients — not a day goes by that he is not persistently working to make their real estate dreams a reality.

To make your next real estate move a victorious one, contact Behzad to start a discussion of your needs.

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