Ross 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!
There has been no let-up in demand for Ross real estate in the first half of 2017, and there have been multiple buyers for many properties. Furthermore, a sizable premium is being paid for homes that are newly remodeled.
In the first part of 2017, Ross experienced the most substantial increase in sales for homes priced between $3 million and $5 million. In this category, 7 homes sold in 2017 (vs. 4 homes during the first half of 2016). Nearly 60% of these homes received multiple offers, and 40% sold over the asking price.
Nineteen homes sold in Ross during the first half of 2017 (compared to 22 in 2016).
The average price per square foot sold for homes in Ross has remained nearly the same as last year ($1,001). However, 50% of homes sold were on the market for fewer than 30 days, which is great news for sellers.
The most notable change in sales occurred for homes priced above the $5 million mark. Only one home sold in this price category, versus 7 in the first half of 2016. Lack of inventory has restricted sales. Currently, there are no homes on the market priced between $7 million and $18 million, though there are three pending sales in this price range. Those who own property in this price range and decide to sell will benefit from demand created by buyers still seeking to purchase homes in this sought–after category.