Tiburon Real Estate Review – End-YEAR 2019
An Inside Look at Marin County Real Estate
Although the volume of homes sold in most Bay Area counties declined in 2019, the Marin County real estate market continues to prosper: More homes sold in 2019 compared to last year (3.1%). Marin continues to be a very sought after place to live with limited inventory for buyers.
Nearly 38% of sellers across Marin received multiple bids and sold at prices above the original asking price. Average pricing increased slightly, though the average time a home was on the market increased by 10 days vs. 2018. Fortunately, this has not slowed the number of sales or stalled increasing average pricing.
2019 pricing in Tiburon remained relatively steady compared to 2018. Fewer homes sold in 2019, the fewest since 2011. Due to limited inventory, just 26 homes sold priced between $2 million and $3 million (vs. 45 in 2018). There is strong demand for Tiburon homes priced below $4 million as supply continues to fall short. There were 3 sales above $7 million during 2019 (compared to 7 in 2018). Typically, only three or four homes sell each year in this price range, so 2019 sales are more in-line with historic volume. Thirty-five percent of homes sold with price reductions, slightly more than in 2018. Fewer homes went into escrow quickly: 36% of homes sold were in escrow within 15 days, vs. 40% in 2018.
Overall, pent-up buyer demand and low mortgage rates will continue to provide strong support to the Tiburon market.
I would love to discuss strategies for selling your home and maximizing the value, for purchasing a new home, or for any questions you may have.