Marin County Real Estate
& the Coronavirus
April 15th, 2020 Report
As we all navigate the current Coronavirus pandemic and the Shelter-In-Place (SIP) I want to assure you that despite much of the well-founded bad news lately, it is not all bad at least in the Marin real estate world.
While understandably we have seen some slow down and paralysis in the market as people navigate this sudden change and what it means to all of us, there are some encouraging trends for those who want or need to buy or sell real estate. In the middle of March, you may hear that a noticeable number of buyers were backing out of their contracts that they had entered into before the SIP order went into effect in general, and this is true. However, none of my own transactions backed-out or re-negotiated terms. In-fact they wanted to speed up the close to get into their more spacious Marin homes sooner rather than later. More recently, some buyers have been scooping up properties within a few days of being listed - some with contingencies and others without. Just this week in fact I placed 2 off-market homes into contract. The key component is having realistic buyers and sellers. Buyers that were trying to low-ball both of my listings tried and failed and we subsequently ended up securing realistic and highly-qualified buyers in their place.
Our traditional Spring market is mostly on pause. The majority of sellers are waiting to go on the market when the SIP is lifted and there homes can be shown, if all projections are correct then the months from June through the fall will be quite busy, bucking the typical seasonal trends that we see. Today, I am seeing buyers lining-up to purchase and ready to make the move, just waiting. I am also hearing of many buyers who really want to get out of the City and have more space around them and the beautiful outdoors of Marin to enjoy…plus not to mention our good schools.
Of note, we currently cannot show homes that are occupied at all and we can only show vacant homes with adherence to strict guidelines. Additional addendums have been created for our purchase agreements, specifically regarding COVID-19 related delays. Some of these delays include: not being able to schedule a timely appraisal of the property, loan documents/underwriting delays, signing off/notary delays, issues with removing the staging from properties before the close of escrow, etc. Despite the disruption, prices have not dropped significantly (some properties are still selling over the list price with multiple offers) and the low interest rates are proving to be a motivating factor for many buyers.
I hope you are taking care of yourself and your loved ones. These are unprecedented times, but we are all in this together!
Median Sales Price Trends
These first 3 charts review median sales price trends in the short, medium and long-term. March and first quarter prices generally reflect the pre-crisis market.
Shelter-in-Place Effect on Inventory & Dealmaking - by Week
The following 4 charts detail the plunge in listing and accepted-offer activity, and the surge in listings being pulled off the market by sellers, over the past 4 weeks. Typically, at this time of year, the first 3 charts would be seeing steady climbs over February numbers, and the 4th chart would have a very low, flat trend line. Though the numbers are way down, some listings have still been going into contract.
Average Days on Market by Month
Those listings that did go into contract in March - a much lower number than normal - apparently did so quite quickly after coming on market, presumably seizing the attention of buyers despite the crisis. Or the buyers and sellers may already have been in the midst of negotiations when shelter in place rules began.
The Luxury Home Market
The luxury market is fiercely seasonal, and typically spring (Q2) sees the peak in annual sales volumes. Higher-price home sales are often more deeply affected by financial-market crises since affluent households tend to have more wealth tied up in the markets, and watch their movements more closely
Normal Market Seasonality Trends
These 2 charts illustrate how seasonality typically affects supply and demand, both climbing rapidly from the beginning of the year through late spring.
CA Outlines Plan to Modify Stay-at-home Order Ahead of New Normal
Gov. Gavin Newsom said he sees a "light at the end of the tunnel" as California considers when to lift the state's stay-home order
Off Market Homes That I Just Sold!
16 South Green Street
5 Bed | 2.5 Baths
195 San Francisco Boulevard
4 Bed | 2.5 Bath
290 Greene Street
3 Bed | 2.5 Bath
405 Wellesley Court
3 Bed | 2.5 Bath
Off Market Home in Contract
85 Diane Lane
3 Bed | 1 Bath
Off Market Opportunity’s
Downtown Mill Valley Estate!67 Molino Avenue
6 Bed | 4.5 Bath
This gorgeous vintage home is one of the great Mill Valley properties and a very special and rare find! Offering great style and flair, modernized throughout, yet retaining original character and architectural features of the era.
Pristine, spacious public rooms are an entertainer’s delight. This sunny period home is defined by high ceilings, over-sized windows, French doors and hardwood floors as well as ornate details throughout.
1908 Year Built
Approx. 4765 sq ft of living space
37287 sq ft lot.
5/6 bedrooms plus 4.5 bathrooms
60’ long gallery with wall of glass
Two laundry areas.
Two formal entrances
Full basement with plenty of storage
Fully enclosed perimeter.
Pano Views From the Bay to Mt. Diablo!
222 Bayview Drive
Outstanding Bayside Acres mid-century mini-estate with panoramic views from the Bay to Mt. Diablo!
Situated on over one acre, this private and serene residence is steps to open space, numerous hiking trails, nature and abundant wildlife.
This three bedroom, two bathroom home offers one level living and features a separate office complete with built-in's, plus 2 car garage. Beautifully updated with fine quality finishes and designer touches throughout.
1229 Waterview Drive
Just as the street name suggests, this beautifully remodeled contemporary home designed by San Francisco architect Richard Crandall was built to capture wide angle, unobstructed views of San Francisco Bay!
Featuring 5 bedrooms, 4 full bathrooms plus a separate family room with its own entrance that could be used as an office or gym.
The main floor is flooded in natural light and features tall beamed ceilings, skylights and refinished hardwood floors. The stunning living room overlooks panoramic views of the Bay Bridge, Alcatraz and San Pablo Bay. The open plan kitchen features new stainless-steel appliances, a Wolf range, new quartz countertops and a large walk-in pantry. The adjacent dining room opens to a deck with views of the mountains that nestle against the Pacific. Also, on this level there is a second master suite, two full bathrooms and an office that overlooks the GGNRA.
Downstairs features a flexible family room/office with sliding doors leading to the back garden and 3 additional bedrooms including the master suite, plus another full bathroom. The spacious Master bedroom features a gas fireplace, air conditioning and a large walk in closet and the Master bath is completely remodeled featuring a large shower, soaking tub, double sinks, quartz counters and heated floors.
Adjacent to open space and access to hiking and biking trails just out the front door, near shopping, restaurants. Easy commute location and top-rated schools!
5 beds | 4 baths
Refinished hardwood floors and new carpeting
Front yard landscaping
Fenced in back garden and lawn area
2 car garage
Ample storage throughout
2614 Sq Ft.
6600 Sq Ft Lot.