Even in a trench war over home sales in Marine County, the Battle of 116 Blackfield Drive stands out.
The Tiburon property, a modest 1,305-square-foot single-bathroom home, was valued at $ 1.298 million at the end of March. By the April 1 bid deadline, the property had received 18 bids and sold for $ 2.057 million, 58% higher than the asking price, said Liz McCarthy, the seller’s agent.
The deal came just days after McCarthy sold 129 Pine St. in San Anselmo – 107-year-old house in the flood zone – nearly 45% above list price. It had 147 impressions and was discontinued after seven days.
“There is such a shortage of inventory,” said McCarthy, a 17-year-old agent who works at Compass’s Greenbrew office. “I don’t believe this will change anytime soon.”
The latest figures from the Marin County Assessor’s Office indicate continued market churn, driven by extremely low supply and historically low interest rates.
The median price for a detached home in March was $ 1.623 million, up 18% from March 2020, according to the county. The price was also $ 92,700 more than in February.
The California Association of Realtors released more recent data on Monday that the average April for private homes in Marina was $ 1.61 million, also up 18% from last year.
The median is the point at which half prices are higher and half are lower. Directly around the median of Marin County is 58 Polhemus Way, a four-bedroom home deep in Larkspur’s Madron Canyon.
Seller’s agent, James Land of Berkshire Hathaway HomeServices Drysdale Properties, closed the bid period on Thursday and said there were three bids for properties, all higher than the asking price.
“This hasn’t happened before,” said Land, who lives in San Rafael. “Things just fly off the shelf. If you can qualify, you’re out of your mind if you don’t try to qualify now. When the rates go up and they go up, it will be a completely different game. “
The Marin condominium and townhouse market averaged $ 737,500 in March, up 11% from February and about 9% from March 2020, according to the county.
At the top of the Marin market, four detached houses in Belvedere were sold in March for an average price of around $ 5.1 million. Sixteen mansions in Tiburon have been sold for an average of nearly $ 3.5 million. Condos or townhouses are selling at a seven-figure average in Corte Madera and Tiburon, and one is selling for $ 2.2 million in Belvedere.
In terms of sales volume, the county recorded 256 detached home sales in March, up from 162 in February and 146 in March 2020. In March, 76 apartments or townhouses were sold, up from 71 in the previous month and 51 in the previous year.
“This is clearly a competitive market,” said Cathy Youngling, president of the Marin Realtors Association. “But we see a few more homes on the list that we hope will help meet inventory needs.”
The California Association of Realtors said Monday that in the Bay Area of nine counties, the median price of a detached home was $ 1,328,440, up nearly 36% from April 2020. According to the association, sales were up 25% in March and 101% in April 2020.
According to the association, the state’s average home price in April – $ 813,980 – broke the record of $ 758,990 set in March. The price in April was 34.2% higher than in the previous year.
According to Freddie Mac, according to Freddie Mac, as of Thursday, the weekly average for a 30-year fixed rate mortgage was 3%.
“Soaring house prices not only threaten already low home ownership and make it difficult for those who do not yet have a home to buy, but also question the sustainability of this market cycle,” said Jordan Levin, vice president and chief economist. California Association of Realtors.
“As vaccinations rise and the state fully reopens, higher house prices will hopefully tempt potential sellers who delayed listing their homes during the pandemic to feel more comfortable putting their homes up for sale, which will ease the pressure. on housing prices. said Levin.
McCarthy, an agent at Greenbrae, does not anticipate imminent changes in market conditions. She said low interest rates are prompting many Marin homeowners to refinance, thus blocking lower mortgage payments and keeping their homes out of the market.
Plus, she said, many of the wealthy Silicon Valley shoppers who wanted to relocate to Marine could do so now that telecommuting has become more acceptable.
“Marine has been a relatively profitable deal compared to South Bay for years and we are catching up,” she said.
McCarthy said people believe real estate agents are reveling in price booms. They forget that agents also represent customers who fail, she said.
“All my colleagues and I don’t like this market,” she said. “Poor buyers – I’m heartbroken for the buyers. And writing offer after offer after offer for buyers who charge hundreds of thousands of dollars in excess of the request – and lose, ”is not interesting.