…And the market keeps getting stronger. Currently, there are 807 homes on the market in Marin of which 390 are in escrow. Since our last report in May, 1,146 homes have been sold! The average price for a home in Marin is $1.26 million, which is higher than the peak of 2007, and the number of homes sold is up 24% from July 2012. Those statistics are pretty impressive, especially considering where we were this time last year. The forecasters predict even more appreciation in 2014, that is, of course, if the economy maintains itself. So what does all this mean for the buyer and seller?
From the seller's standpoint, this is an excellent time to be on market because the inventory is at an all-time low. Buyers are determining values, not by what has sold, but by what is still available to buy. Yes, the forecast is for more appreciation, but that doesn't take into account rising interest rates. With everyone waiting to put their home on market, there will be a lot of inventory come next spring, giving buyers more choices and forcing values to go down. Someone looking to sell now will avoid these two risks.
Right now, well-priced homes are getting multiple offers. Investors are continuing to grab quality properties, mostly under the $1 million mark.
Bottom line is that if you are thinking of selling in the next 12 months review your options carefully - and call us for advice. For buyers, there are homes coming on the market and some will sell before they hit the market, and that is where professional representation is critical.
Remember to check back in to MarinRealEstate.net for more information on news and events going on in Marin.