A Buyer's Market in Marin Real Estate
There’s still a buyer’s market in Marin County as reported in the Marin Independent Journal. The supply of properties has doubled since January, and condos are more difficult to buy due to lender guidelines (down 20% year over year). Plus, there are fewer qualified buyers at every price point. However, homes that are free and clear are in high demand because the transaction can be closed in 30 days, as opposed to more than a year for some distressed properties.
Remember, real estate is very localized. Towns with more low-priced homes have more properties in contract than towns, or even neighborhoods, with a greater concentration of high-end homes ($2 million or more). It's been a stronger buyer's market in towns that have desirable schools (Greenbrae) and lower home prices, as opposed to towns in the same school district where home prices are higher (Kentfield and Ross). In a seller’s market, approximately 30% of listings would be pending sale. However in Belvedere, a town full of luxury properties, there are approximately 4% sales pending. So in general, the best deals are currently in Marin's luxury real estate market.
Jonathan B. Jacobs is a realtor who works with luxury home buyers and sellers, as well as first-time home buyers and sellers. For advice on buying or selling your home in Marin, a free market analysis complete with comps, or to go see any of the listings found on this website, contact Jonathan B. Jacobs.