The average price of a detached home in Marina rose to $ 1.76 million in June, up more than 21% from the previous June, according to new data released by the county.
At the same time, the number of all homes sold in the Marina, including mansions, townhouses and condominiums, increased by about 50% in June compared to the previous year, when the area was hit by the coronavirus quarantine. the office reported this week.
“The real estate market was hot in the spring and through June,” said Katie Schlegel, agent for Golden Gate Sotheby’s International Realty in Marina.
“Most of the homes were sold on multiple bids and by and large,” she added. “However, we saw in July that the market was down slightly – still a seller’s market, but not as crazy.”
The county reported 453 home sales in June, up from 305 in June 2020. The median price of all detached houses, condos and townhouses sold in June was $ 1.53 million, up from an average price of $ 1.3 million in June 2020.
The median is the point at which half prices are higher and half are lower.
Vaika Bartolacelli, an agent at Compass real estate in Greenbrew, said buyers are resorting to costly means to avoid multiple offers.
She said that at least 14 properties were sold off-market in July, which means they were not included in Marin’s standard multiple listing service until the close of trading.
To keep sales out of the market, buyers typically offer sellers a higher bid than requested in exchange for the seller not listing the house and thus opening it up for bidding.
“Buyers are overestimating their prices to prevent sellers from listing it on the MLS,” Bartolacelli said.
According to the office of the appraiser, growth compared to last year was observed both in sales of detached houses, and in townhouses and condominiums.
Mansion sales at Marina rose to 352 in June from 254 a year earlier. 101 townhouses and condominiums were sold in June, up from 51 in June 2020.
The average price for townhouses and condominiums in June was $ 800,000, up from $ 730,000 a year earlier.
Both Schlegel and Bartolacelli said the hectic pace of the Marin market could ease during the peak summer break.
“We have new listings, which increases inventory, and some buyers have abandoned their search due to high competition in the market and consumer fatigue,” said Schlegel. “Although we saw it at Marina, it also seems to be a national trend.”
Bartolacelli said the competition is such that some buyers make their offers without any contingencies such as appraisals, checks or loans to make offers more attractive to sellers.
“We are seeing an increase in non-contingency offers,” she said. “It scares the buyers a little. They are putting themselves at risk if things go south. “
According to the office of the appraiser, the largest number of sales in June were made in unincorporated areas: 91 detached houses and nine condominiums or townhouses. The highest average price was in Ross, where seven homes were sold for an average price of $ 7.75 million.
Other data for June for Marin County:
In Belvedere, five mansions are sold for an average price of $ 4.16 million.
In Corte Madera, 12 detached houses were sold at an average price of $ 2.03 million. Two apartments / townhouses are sold at an average price of $ 802,500.
In Fairfax, 20 detached homes sold for an average price of about $ 1.3 million. One apartment / townhouse sold for $ 975,000.
In Larkspur, 18 detached houses were sold for an average price of $ 2.26 million. Eight apartments / townhouses sold at an average price of $ 1.01 million.
In Mill Valley, 26 detached homes sold for an average price of $ 2.3 million. Five apartments / townhouses were sold at an average price of $ 620,000.
In Novato, 65 detached houses sold at an average price of $ 1.2 million and 31 condominiums / townhouses sold at an average price of $ 705,000.
In San Anselmo, 12 detached houses sold at an average price of $ 1.68 million and two condominiums / townhouses sold at an average price of $ 840,000.
In San Rafael, 48 detached houses sold at an average price of $ 1.58 million, and 25 apartments / townhouses sold at an average price of $ 750,000.
In Sausalito, seven detached homes sold for an average price of $ 2 million and 10 condominium / townhouses sold for an average price of $ 1.26 million.
In Tiburon, 21 detached houses were sold for an average price of $ 3.1 million, and eight apartments / townhouses were sold for an average price of $ 1.56 million.