Market Snapshot

The U.S. Federal Housing Administration [FHA] announced that they are lowering the borrowing limit from $729,750 to $625,500 on Single Family Homes to go into effect on January 1, 2014. As the Marin market continues to exhibit signs of recovery, this will affect some buyers looking to purchase in 2014.The 30-year fixed rate has also climbed to 4.750% as of 12/9/13, which is nearly a point and a half higher from the low in the first week of 2013.

The number of active listings in Marin County continues to taper off as the market continues its cyclical hibernation for the holiday season. Solds for the month of November are down 4% from where we were last year, however the price per square foot is up 9% from November 2012 and just shy of the 2007 monthly average.


Marin Market by Price Point

Last month we noted that homes over $4 Million were oversaturated with over two years of inventory in the queue creating a buyer's market at those price points. November saw a large reduction month-over-month for the $4M to $5M bracket, shaving 18 months off its inventory in November. The highest priced sale in November was in Ross Valley for $7,000,000 and no homes sold over the $10 million mark.


Home Sales in Marin by Area

Kentfield and Ross had the highest priced sales in November at $4,865,000 and $7,000,000 respectively. The most affordable homes were in San Anselmo, Novato and San Rafael where they ranged from $340,000 to $405,000 for a single family home. Frequently these price points are major fixers or tear-downs at lot only value.


Homes in Contract

The most active market was Greenbrae with 82% in contract. The San Rafael area was the second highest at 54%, followed by San Anselmo, Mill Valley, Kentfield, Corte Madera, Novato and Fairfax which were all 50% or greater. The slowest markets continued to be Belvedere and Tiburon at 7% and 21% respectively.


Average Sale Price

The active price point increased 7% for the second consecutive month from $2,579,692 to $2,751,866. The Average Sold Price for single family homes in Marin increased by 6% from last month.


Number of Homes Listed and Sold

The number of active single family homes available increased by 14% from 404 to 471, while the number sold decreased 20% from 225 to 181 from October to November.