Sausalito 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.
In Sausalito, constrained inventory limited sales. Fewer than half the number of homes were sold during the first half of 2018, compared to the same period last year. The pace of sales was undoubtedly impacted by the limited supply of homes priced between $1 million and $3 million. Not surprisingly, supply and demand pushed the average selling price to record level, in spite of fewer multiple offers and fewer instances of sales above the asking price. 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.