The fact that Marin did not surpass its all-time average sales price—achieved in the previous quarter—should not take away from how high this market has climbed. With this quarter’s average home sales price at $1.379 million, Marin County still saw an average gain of 13 percent over the strong Q2 of 2013. With 759 homes sold this quarter, sales volume is right in line with the five-year high it hit one year ago.
Part of the reason the county is not seeing prices as high as its luxury neighbors of San Francisco and the Peninsula has to do with seller demographics. A large section of its occupants are longstanding homeowners with high net worth. In other words, there is simply less incentive to sell here, especially as it has become common knowledge that relocating after a sale can be very tricky in this market. For those who did sell this quarter, homes moved at a relatively brisk pace. The average Marin County home sold in 51 DOM, which was 29 percent faster than the 71 DOM seen here in Q1 2014.