Greenbrae 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 Greenbrae real estate market fared well in the first half of 2017. The average sale price increased to $1,778,000. This average was influenced by the extraordinary sale of 66 Brushwood Lane for $4.2 million; when we remove this sale, the average selling price still increased slightly from the 2016 average, reaching a record $1,661,000.
During the first half of 2017, more homes sold in Greenbrae compared to the same period in 2016 (20 vs. 18 sold) and the average price per square foot sold increased by 4% to a record high of $773.
More homes priced between $1 million and $2 million sold in Greenbrae during the first half of 2017 compared to the same period in 2016 (16 vs. 12 homes). The average price per square foot sold for these homes increased by 3.5% from the 2016 average to $737.
For homes priced above $2 million, fewer homes sold during the first half of 2017 (4 vs. 6 in 2016), and at the same time,
the average price per square foot sold increased over the 2016 average to $898.
Most notable: 75% of homes sold over the asking price, and 65% of homes sold received multiple offers – both considerable increases over 2016. In addition, nearly 50% of homes sold were on the market for 15 days or less.
The market has shown there is no let-up in demand for Greenbrae real estate as there are multiple buyers for many properties. Furthermore, a sizable premium is being paid for homes that are newly remodeled.