Greenbrae Real Estate Review – YEAR-YEAR 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.
Fewer Greenbrae homes sold during 2020 compared to 2019 (40 vs. 52) due to lack of available homes for sale. High demand increased the average sale price per square foot to a record $877 (a 10.5% jump from 2019). The average selling price rose to a record $2,087,000. Forty-five percent of homes sold received multiple offers. The demand in Greenbrae is there, even if the inventory is not! Seventy-five percent of homes sold went into escrow within 15 days of being on the market and slightly more than half of homes sold above the asking price.
In sum, right now is a great time to sell if you’ve been considering doing so.