Tiburon Real Estate Review – Mid-Year 2017
An Inside Look at Marin County Real Estate
The Marin County real estate market continues on an upward swing with record-breaking sales: The average selling price for a single-family home in Marin County increased by 5.3% in the first half of 2017 to $1,641,000—beating the 2016 average and setting a new record! Nearly the same number of homes sold in Marin County during the first half of 2017 (1,063 sold compared to 1,056 in 2016).
As pricing increases, fewer homes are selling under $1 million. Nearly the same number of homes sold in all other price ranges as last year, with the exception of homes priced between $3 million and $4 million. In this category, nearly 65% more homes sold during the first half of 2017 vs. the first half of 2016.
Competition will continue in the Marin real estate market as most buyers vie for limited purchase opportunities!
Great News: We are seeing record prices in the already robust Tiburon housing market in the first half of 2017.
More homes priced $1 million and above sold during the first half of 2017 (72 homes sold compared to 55 in the same period in 2016). The average selling price also increased 10% over the 2016 average, reaching a new high of $3.1 million, while the average price per square foot sold set a new record at $1,038.
Thirty-five percent of all homes sold over the asking price, and 45% received multiple offers.
In the $1 million to $2 million price category, 35% fewer homes sold during the first half of 2017, but average pricing jumped 9%. The average price per square foot sold set a new record at $986.
Twenty-five homes priced between $2 million and $3 million sold – an 80% increase compared to the first half of 2016,
and average pricing was up by nearly 10% to $969 per square foot sold.
Nearly triple the number of homes priced between $3 million and $4 million sold during the first half of 2017 (17 homes sold). The average price per square foot sold also increased 20% above the 2016 average, reaching a new record at $1,028.
Eight homes priced between $4 million and $5 million sold, compared to 5 during the same period in 2016. The average time on the market was just 33 days, down from the 90-day average in the first half of 2016. Average pricing was up 9% in this price category from the 2016 average to $1,132 per square foot sold.
Clearly the Tiburon real estate market is extremely strong and on an upward trend. There is no let-up in demand as there are multiple buyers for many properties. Furthermore, a sizable premium is being paid for homes that are newly remodeled.