2010 Marin Residential Real Estate Market Update
Looking at the entire county's performance, we saw the sharpest decline in home values over the last 5 years from 2008-2009. With the new Obama administration taking the helm, banks going under, job losses, short sales and foreclosures at abundant levels, and global market concerns, consumers pulled back from the market and the values took a sharp decline. The average sales price of a home in Marin in 2008 was $1,075,509 and in 2009 the average sales price dropped to $853,390.
With values declining by 21%, interest rates hovering at an all time low and government incentives for first time home buyers, consumers were starting to feel like we were close to hitting the bottom of the market. Because of these events, we are starting to see some improvements in the market at different price points and categories. Numbers show that year to date, the average sales price for a home in Marin is $914,065. That is a 7% increase from the year before! That's great news if you plan on selling your home this year.
Of course, value trends vary from city to city and neighborhood to neighborhood. Did you know that in some neighborhoods of San Rafael the values are increasing and in some the values are declining? Some neighborhoods that used to sell quickly in Mill Valley are taking their time selling now. If you are buying or selling a home, wouldn't you want to know why? Having insight to these economic microclimates and observing the trends over the last 5 years, you can somewhat predict where the future values are headed. How do you get this kind of knowledge? You hire a real estate professional who understands the trends and knows the neighborhoods, and who will provide you with the right guidance in whatever market you chose to invest.
If you are looking to buy or sell a home now, contact me. We can chat about your real estate needs and discuss your options.