Sausalito 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 Sausalito rose by 6.6% this year to a record setting level. An increase in activity at the high end of the market in particular was reflected in the sale of four homes priced at more than $5 million, compared with no sales in that price category in 2017. Limited inventory continued to constrain sales of lower priced homes. Overall, a third fewer homes sold in 2018 than in 2017; sales of homes priced between $1 million and $2 million dropped by 43%. Nevertheless, just over half of homes sold during the 4th quarter of 2018 sold at or above the listing price, reflecting Sausalito’s ongoing strength.
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.