Marin County Real Estate Update–July 2008 (Homes For Sale & Price Ranges)

Whatever wrenches, potholes, u-turns, and other impediments to a prosperous 2008 real estate market recovery we encounter in local (and especially national) media, the engine keeps on running in Marin County, California, where we continue our annual journey onwards and upwards — with some notable exceptions. We just don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets). I know many of us feel blessed for the good fortune of finding our way here … and we should (click HERE for last week’s Forbes article discussing Marin Schools ).

As reported last month, Marin was the ONLY county in the entire Bay Area to have a year-over-year increase in median price last month (prices were up 5.8%) according to DataQuick which surveys all recorded sales. The numbers for the HWY 101 corridor covered by this update are also pretty amazing–the average asking price for single family homes sold is $2.125 million (excluding Novato) and even in Novato that number is $958,000.

We currently have 781 active listings (down from 821 in June 2008). While the Summer is our slow season, buyers continue visiting open houses en mass. Reports of multiple offers continue. And even though the number of homes sold has decreased, sellers are holding fast to their prices (particularly in Southern Marin). While interest rates are generally creeping upwards (they did come down a bit last week after the government stepped in to calm nerves following the Fanny Mae, Freddie Mac, and Indy Mac scares), they remain at historically low levels making it fantastic buying atmosphere (especially in Novato and San Rafael where prices are still in a general downward trend)–if you are interested in up-to-the-minute rates, contact me.  

The graph below breaks down the current number of homes (not including condos) for sale in Marin County, California, in July 2008, along with the price ranges for each town/city. 

Marin Single Family Homes For Sale

Some observations: Belvedere requires nearly $2.3 million at the entry level. Tiburon boasts five homes in the $10 million and up range, along with Marin’s most expensive home at $22.9 million. At the other end of the spectrum, Novato has over 50 homes under $600,000. Investors are active (again, amazing rates right now) and all signs point to a healthy market in Marin County in coming months. If you desire a list of Marin County’s best deals or more specific analysis of your neighborhood, please give me a call at (415) 350-9440.