Dear Clients, Friends, and Neighbors,
Happy Father’s Day, Happy Graduation Day, and Happy Summer Solstice! Kudos to all of the parents out there who deserve medals for persevering through 15 months of homeschooling and working from home. With nearly 70% of Marin County fully vaccinated, summer travel seems to be top of mind for everyone. Our friends at Backroads www.backroads.com tell us that bookings are “through the roof” and 2022 total bookings are up 100% over the high watermark in 2019. Whether this will impact the pace of the 2021 market as we potentially return to a traditional summer slowdown remains to be seen.
I love data, as do so many of you. One of my favorite real estate consultants/analysts is John Burns of John Burns Consulting. I was recently on a call with John Burns and Chief Real Estate Strategist for Compass, Mark McLaughlin titled “Demand Drives the Market”. The slide deck from the call is available in this newsletter and I highly recommend you read it. Two key takeaways were:
- It is demand that is driving the market. Inventory is low because homes are selling instantly with the increased number of buyers. John Burns said it is not true that the supply problem stems from people not selling and/or years of under-building. Millennials are our largest demographic, many are now 30-31 years old which is the age many purchase their first home. People are flush with cash and rates continue to be at historic lows.
- People are buying where they want to live vs where they need to live for work. This is a trend that he predicts will change the way people live and purchase homes for many years.
Mr. Burns concluded by predicting that the back end of 2021 will be more robust than the front end. He sees no bubble/correction looming on the horizon.
On a 2-month-rolling basis, MSI (Months Supply of Inventory) is currently lower than at any time in the past 16 years. Our Marin County market is up 1,246 units over 2020 with 2,557 units sold. Volume YTD is $4,744,000,000 compared to $1,990,000,000 in 2020. That is a staggering $2.753 billion over where we were this time last year.
It has been requested by one of our clients that we include 2020 vs 2021 market comparison (see below). If there is something you want to see added to our July newsletter, please let us know. We always appreciate your feedback.
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KRON4 just released the top 50 CA zip codes with the most expensive homes compiled by Stacker. https://www.kron4.com/news/california/zip-codes-with-the-most-expensive-homes-in-california/ Ross is ranked 7th with a typical home value of $3,491,129 and 5 year home value change of +66.3%, Stinson Beach is ranked 15th with a typical home value of $3,243,627 and a 5 year home value change of +69.2%, and Tiburon is ranked 17th with a typical home value of $3,092,271 and a 5 year home value change of +43.9%.
As the first half of the year comes to a close, we are honored and grateful to share a few noteworthy accolades. Real Trends has ranked our team as one of the top in the country. We are grateful to have closed over $160,000,000 in sales since May 2020. Most importantly, thus far this year, we have donated $16,000 to Summer Search in the names of our wonderful clients who have bought and sold homes.
On behalf of our team, we wish you a fun-filled summer. As always, if you are in the neighborhood, please stop by our Ross office to say hello and pick up a Yeti. We would love to see you.
With best wishes,
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Just Listed
Legacy Ross Property
15 Makin Grade, Ross
Listing Price: $7,250,000
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In Contract
123 Sturdivant Avenue, San Anselmo
Listing Price: $7,000,000
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Available Off-Market
76 Ridgecrest Road, Kent Woodlands
Listing Price: $4,800,000
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In Contract
25 Harcourt Street, San Rafael
Listing Price: $2,900,000
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Coming Soon
25 Coronet Avenue, Mill Valley
Price Upon Request
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Coming Soon
127 S Ridgewood Road,Kent Woodlands
Price Upon Request
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Coming Soon
Kent Woodlands
Price Upon Request
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Coming Soon
Kentfield, Ross Schools
Price Upon Request
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36 Fernhill Road, Ross
Sold: $7,100,000
Multiple Offers
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101 Crown Road, Kent Woodlands
Sold: $6,150,000
Multiple Offers
Buyer Representation
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Mid-Century Modern, Kent Woodlands
Sold: $5,895,000
Private Off-Market
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7 Acorn Way, Kent Woodlands
Sold: $5,150,000
Multiple Offers
Buyer Representation
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21 Center Street, San Rafael
Sold: $4,300,000
Multiple Offers
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32 Greensburgh Lane, San Anselmo
Sold: $4,277,000
Off-Market Sale
Buyer Representation
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216 S. Ridgewood Road, Kent Woodlands
Sold: $3,795,000
Multiple Offers
Co-Listed with Allison Fortini-Crawford
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12 Idlewood Road, Kent Woodlands
Sold: $3,750,000
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12 Idlewood Road, Kent Woodlands
Sold: $3,750,000
Buyer Representation
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38 Santa Rosa Avenue, Sausalito
Sold: $3,299,000
Buyer Representation
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116 Magnolia Avenue, Larkspur
Sold: $2,550,000
Received 2 Offers. On Market 7 Days
Co-Listed with Susan Anello
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15 Locust Avenue/18 Cedar Avenue, Kentfield
Sold: $2,500,000
Multiple Offers
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241 Loring Avenue, Mill Valley
Sold: $1,800,000
Received 4 Offers. On Market 6 Days
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60 Redwood Road, San Anselmo
Sold: $1,375,000
Buyer Representation
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FIRESafe MARIN News - June 14, 2021
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The Market Tectonics of California Real Estate
New York Times - May 28, 2021
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Explore this specialized periodical featuring Compass’ most prestigious properties.
Compass Curated - June 2021
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Proposition 19: A Primer
Compass - January 2021
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23 Ross Common, Suite 3 | Ross, CA 94957
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