Market Report June 2014

As with the Peninsula and San Francisco, Marin County is still suffering from low inventory of homes. Though we hoped more homes would come on the market in 2014, this spring we have even fewer than last year.All Marin MOnths of InventoryInventory is down to one month. This means that if no new homes come on the market, all the homes for sale in Marin County will be sold in 4 weeks. Hopefully the trend of last year repeats itself in 2014, with a rise in homes for sale during June and July.Sale vs SOld

Let’s take a look at San Rafael. Compared to this time last year, price per square foot of single family homes have gone from $419 to $473 per square foot, a nearly 13% increase.San Rafael Aver p_sfThis is due in part to the unusually low inventory in San Rafael, which has one of the lowest numbers of homes for sale in the county. In May of 2014 there were eighty-eight homes for sale and eighty two homes sold. That’s a tight market!San Rafael sale vs sold wow

These numbers are consistent with the real estate trends of the last 10 years. We are getting closer to the market high of Q3 2005, when average square foot reached $500.SR Las 10 years p_sf

That being said, San Rafael is still one of the more affordable areas in Marin County- consider that Mill Valley’s average price per square foot is $700!

Are you thinking of selling? Now is the time to do it, because in Marin County, it is always a seller’s market. For buyers, it’s time for you too, because rates historically drop in June. If you looking for an investment property to hold for over 10 years, buy now before rates rise! If you have any questions about the market, or are interested in buying or selling property in Marin County, please contact Kathleen Diringer at 415-793-3040 or use this form.

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