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Marin Real Estate Update - Q1 2010: Single Family Homes

The Marin County real estate market showed signs of a turnaround in Q1 2010, with both single family homes and condos registering price increases over the previous quarter and year. The median price of single family homes rose 9% to $775,000, while the median condo price increased 40% to $363,000. Home sales volume also picked up. While inventory increased, bringing the supply from 3 months to 6 months, the market remains a seller's market for lower-priced homes and a buyer's market for high-end properties.

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25 views

Marin Real Estate Update - Q1 2010: Single Family Homes

The Marin County real estate market showed signs of a turnaround in Q1 2010, with both single family homes and condos registering price increases over the previous quarter and year. The median price of single family homes rose 9% to $775,000, while the median condo price increased 40% to $363,000. Home sales volume also picked up. While inventory increased, bringing the supply from 3 months to 6 months, the market remains a seller's market for lower-priced homes and a buyer's market for high-end properties.

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Marin Real Estate Update – Q1 2010

The Big Picture:


The first quarter of 2010 may mark the turnaround in the Marin County real estate market. This is the
first quarter since Q2-2007 when both single family homes and condos registered price increases, both
over the previous quarter and when compared to the same quarter in the previous year. The turnaround has
not been uniform, though. Single family homes in Novato declined further, as did homes in
Belvedere/Tiburon. The price of condos surged in San Rafael, up 69% from a year ago, when they hit bottom
at a median price of just $198,000. The volume of sales appears to be picking up as well, with 451 sales in
Q1 compared to only 314 in the first quarter of 2009. Inventory has risen from a 3-month supply to a 6
month supply, reflecting a typical post-holiday seasonal increase. It remains a “Sellers Market” at the low
end, ‘Balanced’ in the mid-range and a “Buyers Market” at the high end. Homes are selling at an
average of 97% of the list price.

Prices:
The median price for a single family home in Marin in Q1 was $775,000, up 9% from the same quarter a
year ago and up 3% from the previous quarter. The median price for a condo was $363,000, up a 40%
from the same quarter a year ago and up 7% from the previous quarter. The Q1 median price by area and
the percent change from the same period in 2009 and from the previous quarter (Q4-2009) is shown below:

Year Qtr Year Qtr


Single Family Homes Change Change Change Change
Belvedere/Tiburon* $1,680,000 -40% -30% Novato $532,500 -6% -9%
CM/Greenbrae/Larkspur* 900,000 6% -12% San Anselmo 745,000 9% -6%
Fairfax/San Geronimo* 563,000 -8% -2% San Rafael 654,000 -1% -5%
Kentfield/Ross* 2,025,000 27% 24% Sausalito* 895,000 -31% -31%
Mill Valley 1,125,000 17% 27% All Marin $775,000 9% 3%

Year Qtr Year Qtr


Condos/Townhomes Change Change Change Change
Tiburon/Mill Valley* $760,000 57% 60% San Rafael $334,000 69% 17%
CM/Greenbrae/Larkspur* 480,000 10% 2% Sausalito* 525,000 -20% 13%
Novato 289,000 11% 8% All Marin $363,000 40% 7%
Statistics from BAREIS MLS, deemed reliable, but not guaranteed.
* Less than 25 homes have sold this quarter for this area, so these statistics are less reliable than those for other markets.

Inventory and Time on Market


As of April 6, 2010, there were 940 residential properties on the market in Marin, up from the same
quarter last year when there were 783 homes on the market. Of these, 15% are distress sales (bank-owned,
short sales, etc.) The median time it takes to sell has dropped from 76 days on market to 73. With only
451 homes having sold this quarter, the time it would take to sell the current inventory has increased from
3 months to 6 months, which is a good sign for buyers.

Buyers or Sellers Market?


It’s generally considered a Buyers Market when less than 25% of listings are in escrow, a Balanced Market when
25-40% are in escrow, and a Sellers Market when more than 40% are in escrow. By this measure,
¾ It remains a Sellers Market for homes priced less than $500,000 (52% are in escrow).
¾ It remains a Balanced Market for homes priced between $500,000 - $1,000,000 (33% are in escrow).
¾ And it remains a Buyers Market for homes priced more than $1,000,000 (only 19% are in escrow).

For more information, visit our web site at www.MarinRealtyExperts.com.


Peter R. Nielsen
415-299-0487

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