With the economic boom of the tech market enabling more professionals to pursue affluent properties, Marin County—where much of that financial trajectory is centralized—continued to see stellar home prices. The $1.516 million average home sale in Q4 was the highest in Marin County history, up 11 percent year-over-year. The 515 total homes sold was a fairly standard number for this time of year in a market where inventory remains scarce. The average 53 DOM before a close showed an 18 percent faster turnaround time than what we witnessed a year prior, pointing to the committed focus and action of buyers in this bustling marketplace.
SALES PRICE CHANGE
Homes that required no price change netted 3 percent on top of initial listing, whereas sellers who tested the market recovered 90 percent of their initial asking price. These are fairly well-balanced numbers for a market with such bullish growth—meaning that Marin County homes are generally being priced accurately in terms of market value and buyer expectations.
AVERAGE SALES PRICE BY CITY – TOP 10
Ross remained a popular luxury home option, with its $5.288 million average home sale up 41 percent year-over-year. This included three closings between $7.5 million and $10.5 million. Bolinas also saw massive growth, with its average home sale up 98 percent. With the average home selling just under $2.5 million, Bolinas stands as an example of the ripple effect that the economic boom is having on buyers who will pay a premium to find their most desired home in Marin County.