The number of sales and median price of Marin county single family homes has fallen dramatically over the past five years. All the numbers below are from January 1 to May 18 (YTD) for each year.
While single family sales overall are down 55% from 2005, for homes one million or more sales for the same period are down 74%. For home $500,000 or less the number of sales are up 1,300% (6 to 78).
So when we read the headlines “Median Price Plummets” don’t just assume that every house has lost half its value (some have). The truth is prices are down but what really is affecting the median price is sales at the low end have jumped while sales at the high end have plummeted. When the median price is calculated it does not take into account which homes are selling.
Number of Single Family Sales January 1 to May 18 for past five years
|Year||# Sales over 1M||# Sales all prices||# Sales under 500k|
Source: BARIES Marin County MLS
Median Marin County Price for January 1 to May 18 for each year
|Year||Single Family||All Sales||Condos|
Source: BARIES Marin MLS
Information deemed correct but not guaranteed.