March Marin Luxury Home Market Update

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March Newsletter

Dear Clients, Friends, and Neighbors,

Welcome to March Madness....and I am not talking about basketball. The current real estate market is nothing short of insanity. I have never experienced anything like it in my 20 years in this business. Lack of inventory and continued strong buyer demand are blowing the doors off of the home buying and selling process. Unprecedented numbers of offers and offer prices are redefining what buyers are now willing and required to do to win a home. We are seeing homes sell 15-20-25% over the list price - see examples in this newsletter. Historic sales data and comps are becoming irrelevant. As of last week, throughout Marin County, year-to-date the market was 50% higher, volume increased by $321M, and units were up 36% from this time last year. YTD total sales have topped $950M and 610 units. Active listings are down 13%, sales volume is up 45%, and the median home price is up 12%. We are in a strong seller’s market with an absorption rate of nearly 25% - an absorption rate greater than 20% is associated with a seller’s market, and below 15% with a buyer’s market. If you were EVER contemplating selling your home, now is the time. I am always happy to connect via Zoom, phone or in-person to discuss this in more detail.

*The graph above is for single family home sales $2,000,000+

Active listings for single family homes priced at $2M and above have dropped 34.9% YTD 2020. In February, there were 56 homes listed for sale ($2M+) - 36 of those homes sold. In the past 12 months ($2M+), we have seen inventory decline nearly 35%, sales volume increase 56.5%, and the absorption rate increase to 30.7%. There have been a few sales this year that truly demonstrate how remarkable this market truly is.

412-414 Throckmorton Avenue, Mill Valley

● Listed $1,999,000 | Sold $2,800,000 | About $1,272 PSQF

● 7 days on market | Received 3 offers | 40% over list price

52 W. Nicasio Road, San Geronimo

● Listed $3,000,000 | Sold $3,876,000 | $1,057.86 PSQF

● 7 days on market | Received 9 offers | 29.2% over list price

135 Geldert Drive, Tiburon

● Listed $4,795,000 | Sold $5,707,000 | $1817.52 PSQF

● 8 days on market | Received 7 offers | 19% over list price

41 Austin Avenue, San Anselmo

● Listed $3,495,000 | Pending sale $700k over list price per listing agent

● 2 days on market | Received 2 offers | 20% over list price

*The graph above is for single family home sales $2,000,000+

The CHC Team is busy preparing our spring listings (we have some wonderful properties coming on the market), navigating offer dates for our buyers, and keeping our fingers on the pulse of the market. Our agent connections and insider knowledge have proved to be invaluable. Giving our clients that important edge in knowing about a property before it hits the market can make all the difference. Our team is back in the office and we love it when you stop by. Please stop by our Ross office anytime to say hello, grab a trail map, or pick up some of our branded YETI swag. Here’s to more rain, more vaccines, and more inventory!

On behalf of our team, wishing you all the best this month,

Thomas Warner Wine Cellars Offering Free Consultation

Thomas Warner Wine Cellars is one of our valued strategic partners. Tom has been custom crafting elegant wine environments for over 25 years. Tom’s creative instincts lead to the production of some of the most unique and artistic cellars in the country.

Tom is offering our clients a complimentary review and consultation for your potential wine cellar display and storage room with Tom Warner of Thomas Warner Wine Cellars. He will schedule an in-person or online meeting to evaluate your chosen space to make suggestions for room preparation, mechanical systems, and wine cabinetry designs, manufactured and installed by his company. This consultation is valued at $2,500 and includes a review of suggested cabinetry materials and extensive photographs of cellars completed by TWWC. Please reach out to me at Carey@careyhagglundcondy.com if you are interested in learning more and I will introduce you to Tom.