Tiburon 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 Tiburon market hit a record setting average selling price of $3,175,000 in 2018 with fewer homes available and sold. Seven homes priced over $7 million sold in 2018, more than doubling the number of sales in that range in 2017. Though overall prices increased, slightly fewer homes received multiple offers. A third of all home sold in 2018 did so after price reductions. For homes priced between $3 million and $4 million, 34% fewer homes sold and nearly 70% of those experienced price reductions. Nevertheless, Tiburon remains highly desirable and prices remain at record highs.
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.