May Marin Luxury Home Market Update

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May Newsletter

Dear Clients, Friends, and Neighbors,

Memorial Day is on the horizon and it feels like so many of us are counting the days to start summer travel. Whether it’s spending time in the Golden State, experiencing our great United States, or pulling out your vaccination card and going global, a change of scenery seems to be on everyone’s agenda this summer.

The frenzy of the 2021 real estate market feels more like an extension of 2020 with an acceleration of buyer activity that began in May of 2020 when we were allowed to show homes again. Marin inventory remains low with April down 12.5% from March and down nearly 54% from 6 months ago. Median sales prices are steadily increasing perpetuating the “Super Seller” market. Homes continue to sell for hundreds of thousands and sometimes more than a million over ask, and are almost always contingency-free. Properties selling for 10%-15%-20%-25% and sometimes even 30% over the list price are the norm. Year-to-date total home sales are up 105% while inventory is down 42%. Luxury home sales above $3,000,000 are up 277% year-to-date. In the last three months, 162 homes ($3M+) have sold in Marin County. 4% sold for 10% over asking, 12% sold for 11% - 20% over asking, and 7% sold for 21% - 30% over asking.

*Above graphs represent Marin County $3M+ Single Family Home

May Noteworthy Sales

216-218 Corte Madera Avenue, Mill Valley

List: $8,500,000 | Sold: $11,000,000 | $2,313 PPSQ

Sold Off-Market | 29% over list price| Received 2 offers

2 Upper Road West, Ross

List: $14,500,000|Sold: $17,000,000 | $1,890 PPSQ

Sold Off-Market | 17% over list price | Received 2 offers

9 Upper Ames Avenue, Ross

List: $17,500,000 | Sold: $20,000,000 | $2,959 PPSQ

Sold Off-Market | 14% over list price

Drought and fire are two top-of-mind topics at this time of the year. I am hearing of hillside homeowners having their insurance canceled or not renewed. Fortunately, we have a few great insurance brokers who can help our clients find insurance providers who will offer coverage. With mandatory water reductions in place, sprawling green lawns are becoming less desirable. Artificial turf lawns are a great alternative and we are seeing them more and more at properties of all price points. If you are looking for resources for insurance, turf and drought-tolerant landscaping, or anything else, please do not hesitate to reach out.

As you may recall, giving back to the community is one of the core values of our team. We were honored to have been the Primary Patron of this year’s Ross School Spring Auction and a contributor to the Kentfield Invests in Kids (KIK) Spring Auction. Like so many of you, we are a passionate believers in great public schools. They are the bedrock of our communities. We are also thrilled that year-to-date, we have been able to donate $10,000 to Summer Search in the names of our wonderful clients.

My team and I are working back in our Ross office. We would love for you to stop by to say hello and pick up a Yeti and a trail map. Please do not hesitate to reach out if we can ever be helpful.

All the best,

2021 Ross School Auction Patron Sponsor and a KIK Sponsor

Our team is proud to have been the Patron Sponsor of the 2021 Ross School Spring Auction which focused on the Ross School playground renovation. The school is planning for new equipment, resurfacing the foundation, and improving the surrounding areas. In addition to funds raised through this auction, community donors will play a pivotal role in the success of this exciting project.

Our team is also proud to have been a sponsor of the 2021 Kentfield Invests in Kids (KIK) Auction held online May 2nd - 8th.