Belvedere Real Estate Review – YEAR-End 2018
An Inside Look at Marin County Real Estate
Some of my clients are concerned about the current economic climate and how it might be affecting real estate here in Marin.
Fortunately, Marin doesn’t usually move in step with other real estate markets or even other financial markets. Our market is seldom flooded with inventory, and limited supply sustains prices. While prices could flatten and we may see fewer multiple bids and fewer homes sell over list price, Marin’s desirability keeps real estate prices relatively stable. Highly desirable properties will continue to attract significant interest and command premium prices.
Selling prices continued to hit record highs in Marin County in 2018. While the number of homes sold in 2018 dropped slightly (2.2%) from 2017, the average selling price rose 4.9% to a record setting $1,682,000. Fewer homes sold at prices below $1 million than in 2017, while homes priced between $1 million and $4 million sold in record numbers. In fact, 2018 marked the tenth year of record growth.
The number of home sales in Belvedere increased by 40% in 2018 from the 2017 level, hitting their highest levels since 1999. Sales of homes priced between $3 million and $4 million hit a record pace; sales of homes priced between $4 million and $6 million doubled compared to 2017. Despite higher sales volume, slightly fewer homes received multiple offers than the year before. Sales of homes priced above $7 million continued to be limited. Belvedere remains highly sought after, maintaining selling prices near record highs.
I would love to discuss strategies for selling your home and maximizing the value, for purchasing a new home, or for any questions you may have.