Belvedere Real Estate Review – END-YEAR 2019
An Inside Look at Marin County Real Estate
Although the volume of homes sold in most Bay Area counties declined in 2019, the Marin County real estate market continues to prosper: More homes sold in 2019 compared to last year (3.1%). Marin continues to be a very sought after place to live with limited inventory for buyers.
Nearly 38% of sellers across Marin received multiple bids and sold at prices above the original asking price. Average pricing increased slightly, though the average time a home was on the market increased by 10 days vs. 2018. Fortunately, this has not slowed the number of sales or stalled increasing average pricing.
Prices in Belvedere remained at nearly the same level as 2018. More than half of home sales were for homes priced between $3 million and $5 million. Due to very limited inventory, fewer homes sold in the $2 million to $3 million price range than in 2019 — just 5 homes sold compared to 10 in 2018. The number of sales were the same at all other price points; there were no sales above $8 million during 2019 or during 2018. (Typically one or two homes sell in Belvedere above $8 million each year, with the exception of seven homes selling in 2015.)
Overall, pent-up buyer demand and low mortgage rates will continue to provide strong support to the Belvedere market.
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.