Larkspur 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 Larkspur from a real estate perspective. Seventy-five homes sold, which is the same record number sold in 2014. Pandemic buying accelerated during the second half of this year as nearly 50% more homes sold compared to the same period in 2019. The average selling price increased 8% to a record $2,330,000. The average price per square foot sold rose 11% to a record $1,045.
A record number of buyers purchased more expensive homes. Fifty percent more homes priced between $3 and $4 million sold compared to 2019 with a record 12 homes selling. And nearly 50% of all homes sold received multiple offers and sold over the asking price!
In sum, right now is a great time to sell if you’ve been considering doing so.