The average price of single-family homes in Marin County, California rose 5.3% year-over-year in June, the first solid gain since the corona virus was launched.
The price ($ 1.45 million) was based on 254 sales in the past month, exactly in spite of the sales volume in June 2019. This reversed the sharp decline in sales volume in May and April compared to the previous year.
The market for condominiums and townhouses in Marin reached $ 730,000 last month, up 7.5% year over year. Sales decreased from 57 to 51.
The data are among the latest figures from the Marin County Assessors office. The median price is the point where half is higher and the other half is lower.
Patti Cohn, a Marin-based Compass real estate agent, said demand was brisk and San Francisco buyers were "in droves". Cohn said she was interested in real estate even before it was officially listed.
"If someone thinks there is a real estate crisis, think again," she said. "After a slowdown in the traditional spring real estate season, buyers are actively looking for properties to buy."
At the top end of the Marin property market in June, three houses in Belvedere were sold at an average price of $ 4.42 million, according to the valuer. Five homes in Ross were sold at an average price of $ 3.9 million. Nine homes in Tiburon were sold at an average price of $ 3.78 million.
At the lower end, 15 condos or townhouses in Novato were sold last month at an average price of $ 549,163.
Real estate on the market ranges from an eight-bedroom house in Ross for $ 43 million to a mobile home in Novato for $ 75,000, according to Zillow's real estate service.
Cynthia Murray, executive director of the North Bay Leadership Council, a nonprofit consortium of business and citizen interests, said she wasn't surprised to see a recovery in the property market. She cited low mortgage rates, an influx of families from the cities to the suburbs, and the increase in teleworkers who can live further away from the company headquarters.
"Demand for housing is still exceeding supply," said Murray, a former Marin County supervisor. "The pre-pandemic real estate plague has worsened, and now we have made great efforts to accommodate everyone to reduce the spread, which is driving demand."
Robert Eyler, chief economist at the Marin Economic Forum, said market watchers would forecast growth rates of around 2.5% to 5% for Marin next year.
"So we may see a certain slowdown in price growth as the economy flattens out as it tries to recover, but the indicators are currently showing a good market by 2020," said Eyler.
"Lower interest rates, and possibly some portable workers who want to leave the cities, can also affect driving behavior here, and this is a short-term element given the pricing in Marin County," he said. "The desire to be close, but not in the city, can boost demand in Marin County for years to come, when this is not new.
Nationwide, the average price of a single family home hit a record high of $ 626,170 last month, up 6.5% from May and up 2.5% from June earlier, the California Association of Realtors said Thursday.
In the Bay Area, the average price of a family home in June was $ 1 million, an increase of 3.6% over May and 4.2% over June 2019, the association reported.
"Home sales rebounded solidly in June after hitting a record low in May as lock restrictions loosened and demand rebounded due to record low interest rates," said association president Jeanne Radsick, an agent in Bakersfield. "While momentum is expected to continue at the beginning of the third quarter, resuscitation of coronavirus cases remains an issue and could hinder market recovery in the second half of the year."
