How's COVID-19 Impacting The Marin Real Estate Market?

How has COVID-19 impacted the Marin real estate market? We expected to see the market drop. Fewer available properties, no open houses, no broker tours, difficult to see a home. Not so! Interest rates are so low, and many San Francisco residents want to find a home away from the city, with more outdoor space and room for an office. Commute is less important, and the value of home is more recognized than ever.
Pools have moved up on the wish list. Go from the Zoom meeting to a dive in the pool. I can relate.

Multiple offers are back in full force. We just went into contract with a property that had 21 offers! Fortunately, our smart buyers were well prepared. They knew the area sales to make an informed decision, they were fully approved by a highly reputable mortgage broker, and spent plenty of time with the disclosures. With that, they were able to make a strong offer and win their home.

Unit sales are up over the last 3 months. How can that be? There are fewer properties, and they’re difficult to see. Sure enough, 764 single-family homes closed this year compared to 733 last year.

Prices are up over the last 3 months in many towns. The median price this Summer in Marin is $1,500,000, which is $200,000 over the same time last year. Mill Valley’s median price is $1,885,000, up $295,000. Sausalito’s median price is $2,365,000, up a whopping $665,000. Not to conclude that prices are up that much on an annual basis, but the numbers this Summer do tell us that lots of people want to live in Marin.

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