Kentfield 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.
Kentfield experienced an increase in the number of homes sold compared to 2017 as well as a record setting 6.6% increase in the average selling price per square foot. Homes priced between $2 million and $3 million sold in record numbers—61% more than in 2017—half of them at over the listing price. At the same time, fewer homes in all price ranges received multiple offers than in 2017 and fewer sold over the listing price. Notably, half of the 20 sales closed during the 4th quarter of 2018 did so at prices below the listing price. Nevertheless, Kentfield remains highly desirable and selling prices remain in record territory.
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.