Ross 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.
The average selling price per square foot in Ross rose by 6.7% to a record setting level. At the same time, despite fewer homes available and sold in 2018, fewer sellers received multiple offers, and fewer sales closed over their listing prices. During the 4th quarter, just 2 of the 6 homes sold closed at prices above the listing price. Nevertheless, Ross remains highly desirable as homes command premium prices.
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.