Kentfield 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 Kentfield real estate market fared very well in the first half of 2017. Fifty percent more homes priced $1 million and above sold in Kentfield compared to the same period in 2016 (36 homes sold). Home prices increased from the 2016 average to a record-setting average price per square foot sold of $909. Also, more expensive homes are selling as the average selling price reached a record level of $2,910,000.
Half of all homes sold above their asking price and with multiple offers and 60% were on the market for 15 days or less.
For homes priced between $1 million and $2 million, 11 homes sold in the first half of 2017 (same as 2016) and the average price per square foot increased by 4% from 2016 to $822.
Double the number of homes priced between $2 million and $3 million sold during the first half of 2017 (10 homes sold) compared to the first half of 2016. These homes sold at a faster pace with an average of 24 days on the market – nearly 50% less than the average for the first half of 2016.
Sales for homes priced between $3 million and $4 million were nearly the same (4 vs. 3 in 2016), and at the same time, the average price per square foot sold increased to $1,012.
Nearly twice the number of homes sold above $4 million (9 sold) compared to the first half of 2016. Sales in this price category were brisk – the average number of days on the market was just 18. The average pricing per square foot sold in this category was $1,059.
There is no let-up in demand for Kentfield real estate as there are multiple buyers for many properties. Furthermore, a sizable premium is being paid for homes that are newly remodeled.