Kentfield Real Estate Review – END 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.
Kentfield experienced record annual sales with 82 homes selling in 2020 (previous high was 77 homes in 2019). During the second half of 2020, 66% more homes sold compared to the same period in 2019 as pandemic buying accelerated. The average selling price increased to a record $3,501,000 (21% higher than 2019), and the average price per square foot sold rose by 10% to a record $1,022. Nearly 50% of homes sold were placed in escrow within 15 days of being on the market.
A record number of buyers purchased more expensive homes. Twenty-six homes sold priced between $3 and $5 million compared to the previous record of 18 selling in 2017. Eleven homes sold priced above $6 million compared to the last record of 5 homes selling in 2019.
In sum, right now is a great time to sell if you’ve been considering doing so.