The Marin County actual property market in September continued to defy seasonal developments amid the coronavirus pandemic, with house gross sales up practically 68% over the prior 12 months.
The county recorded 290 indifferent house gross sales in September, a month when the busy home-buying season historically would have settled down. That was down about 9% over the 320 houses bought in August, however up from 173 gross sales in September 2019, in keeping with new knowledge from the county assessor-recorder’s workplace.
The median value for a indifferent house final month was $1.55 million, the county knowledge present. That was up about 1% from the $1.53 million median value final month and up virtually 15% from $1.35 million in September 2019.
Kathy Schlegel, a Marin County agent with Golden Gate Sotheby’s Worldwide Realty, attributes the year-over-year spikes to what she calls the “pandemic impact.”
“This impact comes from much less stock on the market from sellers and a considerable improve in demand from patrons,” Schlegel mentioned. “The client demand throughout COVID-19 comes from residents shifting out of San Francisco and the Silicon Valley since they will work remotely out of their houses.”
The slight dip in gross sales from August to September “could possibly be attributed to digital and in-classroom college beginning again up for a lot of in September,” Schlegel mentioned.
“Additionally, patrons change into fatigued once they lose out in a aggressive market and a few simply take a breather and day off from trying,” she added.
Barry Crotty, a dealer with Coldwell Banker Realtors in Greenbrae, mentioned the vast majority of folks displaying as much as his open home occasions have been San Francisco residents eyeing Marin houses.
He mentioned individuals who have shifted to working from house through the pandemic are on the lookout for bigger houses with extra outside area.
“The house has change into the middle of every thing,” Crotty mentioned. “It’s the middle of household, the middle of labor, the middle of group.”
Low rates of interest are additionally fueling house gross sales, Crotty mentioned.
Throughout the Bay Space, the median house value was $1.06 million final month, up virtually 21% over August 2019, in keeping with the California Affiliation of Realtors. Gross sales rose 34%.
Statewide, the median value for a single-family house was a file $712,430 final month, up virtually 18% over the prior 12 months, the affiliation mentioned. The variety of houses bought was the very best recorded in additional than a decade, leaping 21% year-over-year.
“With the statewide house value hitting new highs for the previous 4 months, it’s sounding like a damaged file as California house gross sales and costs proceed to outperform expectations,” mentioned Leslie Appleton-Younger, chief economist for the affiliation.
“Nonetheless,” Appleton-Younger mentioned, “with the shortest time on market in current reminiscence, an alarmingly low provide of houses on the market, and the quickest value progress in six and a half years, the market’s short-term achieve will also be its weak point in the long run because the imbalance of provide and demand may result in extra housing shortages and deeper affordability points.”