Ross Real Estate Review – Mid-Year 2018
An Inside Look at Marin County Real Estate
Sales remained steady throughout Marin County. During the first half of 2018, nearly the same number of homes sold compared to the same period in 2017. Buyer interest continues to exceed overall home inventory, pushing prices higher. The average sale price is now $1,736,000 — an increase of 8% over last year.
Three factors may have an impact on the future housing market:
- Upcoming interest rate increases indicated by the Federal Reserve
- Mortgage interest yearly tax deduction, capped at loan amount of $750,000
- Maximum annual property tax deduction of $10,000/year
Given the current factors in the Marin market, these factors are unlikely to have a marked affect on overall sales.
Ross experienced a consistent volume of sales compared to the first half of 2017, but with an increase in the number of expensive homes sold and the average price moving upward. Notably, the number of homes selling above $5 million increased threefold. There was also a dramatic decrease in the number of multiple offers received (only 16% of homes sold). Even so, 44% of homes sold over the asking price, averaging 6% higher. This clearly reflects Buyer understanding that a limited supply environment requires highly attractive initial offers.
As always, I will make myself available to answer any questions you may have and discuss potential strategies for maximizing your home value, or purchasing a new home in this dynamic market.