Belvedere Real Estate Review – Mid-Year 2017
An Inside Look at Marin County Real Estate
The Marin County real estate market continues on an upward swing with record-breaking sales: The average selling price for a single-family home in Marin County increased by 5.3% in the first half of 2017 to $1,641,000—beating the 2016 average and setting a new record! Nearly the same number of homes sold in Marin County during the first half of 2017 (1,063 sold compared to 1,056 in 2016).
As pricing increases, fewer homes are selling under $1 million. Nearly the same number of homes sold in all other price ranges as last year, with the exception of homes priced between $3 million and $4 million. In this category, nearly 65% more homes sold during the first half of 2017 vs. the first half of 2016.
Competition will continue in the Marin real estate market as most buyers vie for limited purchase opportunities!
The Belvedere real estate market fared well in the first half of 2017. Selling prices reached a record-setting average of $1,409 per square foot sold during the first half of 2017. This average was influenced by the extraordinary sale of 2 Cliff Road for $3,329 per square foot. When we remove this sale, the average selling price was $1,307 for the first half of 2017. All but three homes sold above $1,000 per square foot, which now appears to be the new norm.
During the first half of 2017, more homes sold in Belvedere compared to the same period in 2016 (19 vs. 15 homes sold) and prices continued to rise.
Sales activity was strong during the first half of 2017 in most segments of the Belvedere market. The highest number of homes sold in 2017 have been priced between $3 million and $5 million; nine homes sold in this category, half of which
sold within 30 days. At the very upper end of the market, 345 Golden Gate Avenue closed at $14.4 million.
Just two homes in Belvedere sold above the original asking price. Four homes sold at the asking price, and 5 homes received multiple offers. Listing prices are increasing, but they are being set close to the expected selling price.
There is very little inventory above $7 million available. Those who own property in this price range and decide to sell will benefit from demand created by those buyers still seeking to purchase homes in this sought after category.