Median Marin home price for September: $ 1.71 million
The median price of a single-family home in Marin was $ 1.71 million in September, a 10% gain from the previous year, according to new county data.
The price matched the August median. Sales volume fell to 233 single-family homes in September from 277 in August and 290 in the previous September.
The figures were released this week by the Marin County Clerk’s Office. The median price is the point at which half of the homes have sold for more and the other half for less.
One home that sold for the median price in September was 1047 Bel Marin Keys Blvd., a three-bedroom waterfront property in Novato. Compass’s sales agent Dana Garrick said the property received four offers and three were above the list price of $ 1.595 million. The highest bid was entirely in cash.
Garrick said Marin’s homes still attract buyers from San Francisco who can take advantage of telecommuting to escape the city during the pandemic.
“Anything costing between $ 1.5 million and $ 2.5 million is going to go fast,” she said. “These are affordable prices for people.”
Price data for September included a median price of $ 4.9 million for six homes in Ross, $ 4.75 million for five homes in Belvedere and $ 2.925 million for eight homes in Tiburon.
In the Marin condominium and townhouse market, 81 homes sold for a median price of $ 725,000 last month. This compares to 61 sales at a median price of $ 680,000 in the previous September.
Median prices for condos and townhouses in Marin last month ranged from $ 590,000 in Novato to nearly $ 1.1 million in Corte Madera.
Marney Solle, mortgage banker at CrossCountry Mortgage in Larkspur, said the real estate market was “very, very active”. She said the upward trend in interest rates could prompt buyers to act quickly.
“I actually think it’s creating more frenzy in the market,” she said. “I think it adds an extra push, especially as the holidays approach.”
The California Association of Realtors predicts a 5.2% increase in median home prices statewide in 2022, leveling off from the 20.3% increase expected this year.
The association also expects the average 30-year fixed-rate mortgage to stay below 3.5% for most of next year, down from 3% this year.
“An imbalance between supply and demand will continue to exert upward pressure on prices, but higher interest rates and a partial normalization of the sales mix are likely to dampen median price growth,” he said. the association said this month by announcing its 2022 forecast.
The US weekly average for a 30-year fixed-rate mortgage was 3.05% Thursday, according to Freddie Mac, the federally chartered mortgage company.