|Marin County: Q3 Results|
|Third-quarter real estate activity in Pacific Union’s Marin County region was a study in contrasts. July and August were exceptionally slow, but after Labor Day, the market caught fire as vacationing Bay Area residents returned home and set about the business of finding the perfect property. The higher end of the market saw strong sales, with multiple offers the rule for any well-priced home located in an attractive area.Inventory remained slim, however, as sellers held off putting their homes on the market. The run-up in prices over the past two years offered a clear incentive to sell, but many owners were caught in a Catch-22: Selling, even at a healthy profit, puts them in the same predicament as other buyers, scrambling to find their next home in an extremely tight market.
Mill Valley and Kentfield were the most active markets in the region. Homes priced from $1 million to $1.3 million sold briskly.
Looking Forward: Unlike the start of the third quarter, real estate activity in the fourth quarter looks to be quite vigorous, continuing the momentum that broke out in September. Buyers are already scouting the region to close sales before the holiday season arrives.
Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts below includes single-family homes in these communities.
Median Sales Price
The median sales price represents the midpoint in the range of all prices paid. It indicates that half the prices paid were higher than this number, and half were lower. It is not the same measure as “average” sales price.
Months’ Supply of Inventory
The months’ supply of inventory is a measure of how quickly the current supply of homes would be sold at the current sales rate, assuming no more homes came on the market. In general, an MSI below 4 is considered a seller’s market; between 4 and 6 is a balanced market; and above 6 is a buyer’s market.
Average Days on the Market
Average days on the market is a measure that indicates the pace of sales activity. It tracks, on average, the number of days a listing is active until it reaches “pending” status, meaning all contingencies have been removed and both parties are just waiting to close.
Percentage of Properties
Under ContractPercentage of properties under contract is a forward-looking indicator of sales activity. It tracks expected home sales before the paperwork is completed and the sale actually closes.
Sales Price as a Percentage of Original Price
Measuring the sales price as a percentage of the final list price, which may include price reductions from the original list price, determines the success of a seller in receiving the hoped-for sales amount. It also indicates the level of sales activity in a region.
A Closer Look at Marin County