Tiburon 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.
Tiburon experienced the highest number of annual sales ever recorded with 149 homes selling in 2020. The previous high was 134 homes in 2017. Pandemic buying accelerated during the second half of 2020 as nearly double the number of homes sold compared to the same period in 2019. The average selling price increased 17% to a record $3,645,000. The average price per square foot sold rose 10% to a record $1,053.
The most active selling price was between $2 and $3 million. A record-breaking 52 homes sold in this price range compared to 26 in 2019. Forty-three homes sold priced between $3 and $4 million (double the number sold in 2019). Fourteen homes sold priced between $5 and $7 million
(again, more than double the number sold in 2019). Ten homes sold priced above $7 million (vs. three in 2019).
In sum, right now is a great time to sell if you’ve been considering doing so.