Larkspur 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 Larkspur real estate market fared well in the first half of 2017. More expensive homes are selling in Larkspur and the average selling price reached a new record level at $2,069,000 for the first half of 2017.
Moreover, nearly half of all homes sold were on the market for 15 days or less, and half sold above the asking price with multiple offers.
More homes priced $1 million and above sold during the first half of 2017 compared to the same period in 2016 (30 vs. 27 homes). The average price per square foot sold was $881.
Nearly the same number of homes sold for those priced between $1 million and $2 million during the first half of 2017 compared to the same period in 2016 (16 sold). Just two homes sold below $1.5 million, compared to 7 selling during the first half of 2016.
Sales were brisk for homes priced between $2 million and $3 million. Already 11 homes in this price category have sold during the first half of 2017, compared to 14 homes during the entire year of 2016! The average price per square foot sold for these homes was $884. Nearly 65% of these homes sold over the asking price, and 80% were on the market for 15 days or less.
The market has shown there is no let-up in demand for Larkspur real estate as there are multiple buyers for many properties. Furthermore, a sizable premium is being paid for homes that are newly remodeled.