MARIN COUNTY MARKET UPDATE
AUGUST 2020 WRAP-UP
Marin County continued its huge upsurge in activity last month despite the terrible fires. Sales of single-family homes are up 38.9 percent compared with the same time last year while the median sale price and price per square foot also continued to dwarf last year's recording. Additionally, homes sold faster than last year with the median days on market reducing by 10 days. Coupled with the increase in demand, there is also less inventory available; there were 299 single-family homes available at the end of last month compared with 450 in August 2019, representing a drop of 33.6 percent.
Mortgage rates again hit another record low last week with FreddieMac reporting, ‘Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery. These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double-digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.’
Mortgage rates again hit another record low last week with FreddieMac reporting, ‘Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery. These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double-digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.’
YEAR-OVER-YEAR COMPARISON
MONTH-OVER-MONTH
YEAR-OVER-YEAR REGION COMPARISON
TOP FIVE SALES IN AUGUST 2020
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1910 STRAITS VIEW DRIVE, Tiburon
$9,777,000 $1,532/sq. ft. 5 bed / 6 bath 6,380 sq. ft. 1.01 Acres |
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134 LYFORD DRIVE, Tiburon
$9,277,000 $1,239/sq. ft. 7 bed / 6 bath 7,487 sq. ft. 0.45 Acres |
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3 BELLEVUE AVENUE, Belvedere
$9,200,000 $2,609/sq. ft. 3 bed / 4 bath 3,526 sq. ft. 0.04 Acres |
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665 GOODHILL ROAD, Kentfield
$8,580,000 $1,358/sq. ft. 6 bed / 9 bath 6,320 sq. ft. 1.15 Acres |
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1877 CENTRO WEST STREET, Tiburon
$7,100,000 $1,455/sq. ft. 6 bed/5 bath 4,880 sq. ft. 0.60 Acres |
MEDIAN SALE PRICE
MEDIAN MARKET TIME
NUMBER OF SALES
