Marin County & Bay Area Real Estate Update Feb. 2021
Marin County & Bay Area Real Estate
Strong Finish to 2020 & Heated Start to 2021 February 2021 Report
A Compass executive here in Marin said the first several weeks of 2021 have felt like the "5th quarter of 2020." We couldn't agree more. The heated real estate market of 2020 is continuing into 2021.
Last month, new listing activity started to pick up after the typical annual low in December, and the number of new listings was significantly higher than in January 2020. The number of listings accepting offers was also higher -- up 36% year-over-year.
In our business, two listings we put on the market in Novato last month received multiple offers and each got into contract for exactly $156,000 over the asking price (11% and 17% overbids.) This aggressive overbidding is common in Mill Valley, not Novato.
Buyers are paying a premium for usable outdoor space. If you are having any thoughts of selling within the next 18 months, you may want to consider striking while the iron is hot! Contact us to talk about it.
MARIN PRICE TRENDS
The second half of 2020 was consistently a very heated, high-demand period, but Q3 saw particularly feverish activity - especially for luxury homes. Luxury home sales in Q3 (July-Sept) were up a staggering 150% year-over-year. This caused the abnormally large Q3 jump in median sales price.
PRICES IN YOUR TOWN
Generally low inventory levels have played a large role in the heat of the market. Listing activity has simply not kept pace with buyer demand.
MANY HOMES CHANGING HANDS
Sales volume in January was more than 50% higher than in January 2020, a tremendous increase.
BAY AREA HOME PRICES BY CITY
Below is the first table of a full-year 2020 home value analysis of markets around the Bay Area, ranked by median sales price, highest to lowest. Marin is well represented at the top of the list.
The full ranking list and home price map are here: Bay Area 2020 Home Prices.
WHAT'S DRIVING THE MARKET
Two factors behind the housing market recovery are the dramatic drop in interest rates, and the significant rebound in the stock market -- especially among of some of our local high-tech giants.
If you are thinking of moving, please call us today! 415-725-1911