May is almost over and we have not seen an increase in the market as predicted by some of the local Marin real estate professionals. The majority of buyers are making offers on homes below $700,000 and that is the reason you see the average sales price and medical Marin sales price staying low. The average and median means nothing related to your individual home value so don’t be alarmed by the decline. It is similar to thinking of the average mortality rate in the U.S. Just because the average mortality rate for a woman is 76 years of age in no way means that “YOU” will live above or below that age. Same goes for house in Marin. They have a certain genetic make-up related to the location and amenities of the home.

A great deal of the low end price homes is being purchased by investors but don’t be fooled. Many buyers who plan to occupy the house are also buying. They see that prices have come down in those areas by 30-40% and they are compelled to make a move. Two years ago these buyers could not afford those homes.

The market is in the doldrums for Marin County homes over $2 million. The high end buyers are not yet compelled to make moves on those properties unless they need a home. Money itself is not the issue but the realization that there could be another decline in the high end home values are keeping them away. If you are in the market for a home over $2 Million you have a great buying opportunity as those sellers who have listed their homes need to sell otherwise they would be waiting for the market to stabilize. There is a population of those sellers that have a low basis in the house so selling now is also a good idea.

Below is the most recent data for Marin home sales.

I have this data available for every city in Marin and also for all of San Francisco. If you are interested just drop me a note or a phone call.