National and state aggregated statistics were released for the second quarter of 2016 showing the San Francisco/Oakland metropolitan area had a Median Price increase of 9.5% year-over-year, compared with 5% nationally, according to the National Association of Realtors. San Jose and San Francisco were ranked number one and two in the country by Median Price. Across the Bay Area, single family home prices in every county increased except Napa, where prices remained steady. July figures follow record highs in California where June home sales rose to their highest level in nearly four years. It was the first time since 2011 with double digit monthly gains. Market conditions suggest that the demand for housing will remain steady through the rest of the summer and into the fall which typically has increasing momentum.
In July, the number of available single family homes in Marin decreased slightly, with a 14% drop in the number of closed transactions to 194, down from 225 in June. Average listing prices also edged downward, but with a more significant drop in average sale price for single family homes to $1,425,590, down $157,500 from last month’s average. This market cooling effect is common in summer when people are on vacation.
Scarce inventory makes the home searching process very competitive. To assist buyers searching for homes, our company website now provides access to our listings “Not on MLS.”
Average Listed and Sold Price
Average sale price in July decreased significantly for Marin County single family homes to $1,425,590, down $157,500 from June averages. There was a slight decrease in average listing price from June in Marin County, which in July averaged $2,088,671.
Number for Sale and Sold
Inventory in Marin County decreased again in July following a four-month upward trend through May, with 350 single family homes for sale, compared to 356 in June. The number of homes sold in July also decreased, from 225 in June to 194 in July. Single family home sales in July remain significantly lower compared to the same month last year, by 36 units.
Homes in Contract
Greenbrae led Marin County in July for the highest percentage of single family homes in contract at 55%, followed by Novato, Fairfax and Ross which all averaged 50%. Kentfield had the greatest percentage increase since June, from 13% to 35%, while Ross more than doubled the percentage of homes under contract to 50%, compared to June’s 23%. San Anselmo, San Rafael and Tiburon each saw a decline in the percentage of homes in contract while Sausalito remained unchanged.
Home Sales in Marin by Area
San Rafael, Novato and Mill Valley continue to see the highest number of homes sold at 47, 45 and 31, respectively, though all remain slightly under June levels. All other communities, excluding Tiburon and West Marin, saw decreases in home sales. Average Days On Market ranged from an astounding 23 in Kentfield, which reflects accelerated closing times, to 67 in Tiburon.
Home Sales and Market Activity by Price
July marked a decrease in inventory above $1 million in Marin County. A more balanced market would be 3-5 months of inventory. Homes priced from $1-$2 million remain the most active market in Marin County with 88 sales in July, down from 108 in June. Homes under $1 million followed with 73 sales. The number of homes sold between $3 and $4 million doubled from 5 to 10 in July. Home sales at $4 million and up decreased from 9 in June to only 2 in July.
