The $1.568 million average home sale here was the second-highest in market history, and was up 13 percent year-over-year. On the other hand, buyers had to deal with a competitive market in which multiple cash offers and low inventory were prevalent themes. The 331 homes sold—while up 6 percent year-over-year—was the second-lowest quarterly sales volume tally since Q1 2009. Homes also moved quickly, with the 56 DOM average being 14 percent faster than the pace held in Q1 2016. Buyers should expect minimal price growth and a near-twofold increase in overall sales—and more options— as we look to Q2 2017.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Of cities with decent-sized data pools, Kentfield excelled with its 42 percent year-over-year gain. Other notable sales came in the form of a Bay Area high closing at $14.46 million in Kentfield, as well as a $9.5 million sale of the architecturally renowned Sea Dragon Estate in Bolinas. The two properties had spent 199 and 299 days on the market, respectively.
SALES PRICE CHANGE
Homes that required no price changed sold at 103 percent of initial list price, while buyers who tested the market netted 90 percent of their initial ask. These were both standard numbers in relation to recent Marin County activity.