Tiburon Real Estate – 2022 Mid-year
The Marin County home market continued its hot streak in the first half of 2022, as the average selling price increased by 11% from the previous six-month period. The new average sale was a record $2.4 million – due in large part to seventy-three percent of homes selling over the asking price, continuing an upward trend.
Recent increases in mortgage interest rates, inflation, stock market declines, and recession fears are beginning to show preliminary market reaction, but the real indicator of any significant market shift will be seen during the second half of 2022.
The speed and change in market conditions are highly city-specific and supply-driven: communities experiencing a continual low number of homes for sale will benefit from buyers who are motivated and able to purchase, with buyer competition possibly moving to a lower level.
The first half of 2022 was another record-setting period for Tiburon real estate, with slightly more homes sold compared to the previous six months with 69 sold.
More expensive homes sold, as the average selling price increased to a record $4,464,000. The average price per square foot sold rose to a new high of $1,389.
A record number of buyers purchased homes priced above $5 million, with 21 sold compared to 11 sold in 2nd half of 2021. Nearly 62% of all homes sold above the asking price, at an average 12% above the asking price.
If the number of homes for sale in Tiburon remains somewhat limited, the impact of higher interest rates, recession concerns, and stock market volatility will likely have a less muted effect on pricing and sales activity going forward than other markets. That being said, activity conceivably could become somewhat dampened by potential buyer reluctance, depending on the state of the economy.
With market dynamics transitioning, it is now even more important to prepare your home to look its best. Please call me to discuss maximizing the value of your home and pricing. I can also share with you how I can make your selling experience – from readying your home for sale to clear through the end of your move – hassle-free.