Belvedere Real Estate Review – MID-YEAR 2020
An Inside Look at Marin County Real Estate
Has the pandemic affected the Marin County real estate market? Absolutely.
On the one hand, 25 percent fewer homes sold in Marin during the first half of 2020 compared to the same period in 2019. On the other hand, there has been a surge in demand from San Francisco buyers wanting to escape the density and confined indoors of the city. This increased demand has driven the average selling price up by 6 percent, and dramatically increased the number of sellers receiving multiple offers.
In May we started seeing a large rebound in the number of homes going into escrow, especially among more expensive homes. I expect housing demand in Marin to continue to grow as the pandemic continues, especially if people continue to work from home or feel less inclined to be near corporate offices and workplaces. Even though we are facing uncertainty and economic chaos relative to COVID-19, record-low mortgage rates and a desire to move to the suburbs will likely continue to drive prices higher in Marin.
With fewer homes available for sale, nearly 50 percent fewer Belvedere homes sold during the first half of 2020 compared to the same period in 2019. Pricing remained nearly the same compared to the 2019. About half of homes sold were priced above $4 million; and 5 homes were on the market for less time than the 2019 average. No sales occurred this year above $8 million, the last sale was in 2018. Seven homes have already sold in July.
We expect the Belvedere real estate market to benefit from new buyers looking to move from densely populated areas and continued low mortgage rates.
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.