Tiburon 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.
Tiburon experienced a dramatic increase in average price, now at a record of $3,518,000. This reflects an increase of 15% over 2017. More expensive homes sold this year and the pace of sales is brisk. Notably, 25% more homes priced above $4 million were sold during the first half of 2018 compared to the same period in 2017. Forty-five percent of all Tiburon homes sold were placed in escrow within 15 days. This is an unusually fast-paced market.
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.