Belvedere Real Estate Review – YEAR-END 2020
An Inside Look at Marin County Real Estate
Buyers flooded into Marin County from cities last year, supercharging home sales and increasing the number of homes sold by 10%. This spike in demand increased the average selling price in Marin County by 11% to a record $1,874,895. In addition, upper-income buyers purchased a record number of homes priced above $2 million.
Because many people are continuing to work from home, we expect continued heightened demand for homes with outdoor living and remote working space.
Low mortgage interest rates and a record-high stock market will also likely fuel continued high demand. This increased demand for Marin County homes is outstripping supply, putting further upward pressure on home prices.
2020 was an excellent year for Belvedere from a real perspective. Forty-five homes sold, which is the highest annual number recorded in two decades (except for 1999, when 51 homes sold). During the second half of 2020, pandemic buying accelerated and nearly triple the number of homes sold compared to the same period in 2019. The average selling price increased to a record $4,962,000, and the average price per square foot sold rose 20% to a record $1,495.
More specifically, a record number of buyers purchased homes priced between $4 and $5 million; 12 sold exceeding the previous annual record of six. Also, a record number of homes were purchased between $5 and $7 million. Eleven sold versus the previous record of six selling in 2019. Seven homes sold above $7 million in 2020, compared to just two selling in 2019. No homes sold over $11 million this year.
In sum, right now is a great time to sell if you’ve been considering doing so.