Marin County median home price hits $1.49 million

The median price for a single-family home in Marin was $1.49 million in December, up about 6% year-over-year, according to the latest data from the county assessor’s office. .

The price, while a gain, marked a decline from double-digit increases over the summer, when Marin’s median ballooned as high as $1.8 million. The median price is the point at which half the homes sold for more and half sold for less.

Susan Hewitt, an agent at Golden Gate Sotheby’s International Realty in Greenbrae, made a sale near the median price in December. She said the property — a three-bedroom hillside home at 84 Bret Harte Road in San Rafael — was listed at $1.325 million and sold for $1.5 million.

“They came with a great offer, and it worked for everyone,” said Hewitt, an agent for 34 years.

At the high end of the market, two single-detached homes sold in Ross in December at a median price of nearly $16.2 million, the county reported. Four homes in Belvedere sold for a median price of $6.7 million and six homes in Mill Valley sold for a median price of $3.5 million.

At the lower end of the market, eight single-family homes sold in Fairfax at a median price of $1.16 million; 26 in San Rafael at $1.3 million; and 39 to Novato at $1.325 million.

The number of single-detached home sales in Marin was 170 in December, down 35% from a year earlier, according to county data.

Hewitt said the market is already “absolutely crazy” for 2022, with some homes in receivership at 20% above asking price. She expects prices to continue to rise due to limited supply.

“There is huge pent-up demand because our inventory situation is so dire,” she said. “Especially in the sub-$3 or $4 million market.”

For condominiums and townhouses in Marin County, the median price in December was $780,000, up about 5% year-over-year. Sixty-one townhouses sold that month, compared to 69 the previous year.

The county has yet to release its real estate data for January.

Regionally, the median price for a single-detached home in the Bay Area was $1.2 million in December, according to the California Association of Realtors. The price was a 13.4% increase from the previous December. Sales volume decreased 23.1% year-on-year.

Statewide, the median price of a single-detached home reached $796,570, an 11% year-over-year gain, the association reported. Sales volume was down almost 16% year-over-year.

“Despite signs of moderation in the second half of the year, the California housing market continued to outperform last year’s level and remained competitive even as home prices rose at a double-digit pace – a testament to the imbalance of high demand and lack of homes on the market for sale,” said Otto Catrina, an East Bay agent who is president of the California Association of Realtors.

The U.S. weekly average for 30-year fixed-rate mortgages was 3.55% on Thursday, according to Freddie Mac, the federally chartered mortgage company.

Comments are closed.