2015 Marin County Homes Market DetailsThe building of the Golden Gate Bridge was the defining moment in Marin County home construction, with the largest proportion of houses being built in the 4 decades following.After the big drought in the late 70’s, and with the coming of the 80’s, slow-growth advocacy grew and construction declined. Novato and San Rafael are the biggest housing markets in the county, as well as the most affordable – one can see their impact on the “Sales by Price Range” chart earlier in this report. Mill Valley, which is much more expensive, has a moderate sized market, and then the rest of the towns and cities in Marin can best be described as boutique markets, each with its own ambiance, some of them among the most valuable in the country.
Marin Luxury Home Sales
Chart: Marin Luxury Home Sales by City The increase in the number of high-end home sales slowed in 2015 after the torrid growth of 2013 and 2014. As also seen in other Bay Area counties, the pressure grew more intense in less costly market segments, as buyers searched for homes they could still afford in a rapidly appreciating market.
Marin Market Dynamics StatisticsAll 3 of these charts illustrate the big role seasonality plays in the Marin market. Starting in January, and accelerating in February, March and April, new listings typically start pouring onto the market and buyers start jumping back in looking for homes to buy. The spring selling season – which in the Bay Area can start in late February/early March – is usually the busiest of the year.
Interest RatesAfter being bludgeoned in 2015 by thousands of articles, predictions and warnings regarding mortgage interest rates, here is a look at how much they actually changed over the course of the year. With the Fed starting to make some moves, presumably mortgage rates will rise in 2016, but expectations have been confounded far too often over the past 6 years to be sure. Significant increases would certainly affect the affordability equation for homebuyers.