For all the headlines you would think Marin County Real Estate had fallen off a cliff but the numbers don’t reflect that. Below is a comparison of single family homes, condominiums, and both combined. Although the numbers reflect just a 1% drop in median home price they really are not telling the whole story.
I recently closed escrow on a three bedroom home in San Rafael for $599,000. At the peak of the market in 2005 this home would have sold for well over $700,000. In 2005 loans were too easy to obtain and buyers, with 100% financing were playing with funny money and many were more concerned with monthly payment than amount paid. This resulted in some buyers paying the absolute top dollar for a home and we are seeing some of those homes selling for much less today, often as a short sale or REO.
The truth is, regardless of what the numbers are showing, prices are down especially for the lower price range and less than the most premium locations. On the other hand, homes over two million seem to be holding up well.
These numbers are from Marin MLS (B.A.R.I.E.S) and are current as of July 14, 2008.
January 1 to July 1, 2008 Jan1 to July 1, 2007
Number of Sales 981 1,405
Median Price $875,000 $900,000
Average Price $1,194,230 $1,210,350
Single Family Homes:
Number of Sales 786 1,111
Median Price $1,050,000 $1,065,000
Average Price $1,352,877 $1,363,208
Number of Sales 194 291
Median Price $469,500 $628,926
Average Price $542,416 $560,000Warren Carreiro, Broker warren@RealtyOfMarin.com