July 9, 2020

Marin County Real Estate Market Rebounds Dramatically July 2020 Report

Hello Friends and Neighbors,

Can you believe it’s already mid-summer? What a year 2020 has been for all of us! We hope this finds you and yours well and safe.

As a result of these unprecedented times, we think we all can agree that the definition and importance of having a comfortable home has become more important than ever as we go forward in our “new normal.” Without question, the fact is that what we need from our residences has changed for many of us, particularly as our relationship to our homes and the time we spend in them has also changed.

For our part, to best help all of those we work with navigate these times and what real estate options are available, we continue to improve and adjust our services to better support our clients looking to buy, sell or rent homes in the Bay Area. We are proud to say that we have successfully helped a myriad of potential buyers and sellers before and during the pandemic.

We invite you to give us a call with any questions you might have whether your question concerns real estate in or out of the Bay Area. Beyond us, we are fortunate to have a broad and tremendously experienced team of top agents on our team throughout all market areas in California, as well as nationally and abroad, and would love to connect with you to help you pursue your real estate goals – we know we can. We invite you to review the attached update of our local San Francisco market activity to date and ask us any question you might have; we are here to assist you.

Now, take a look at what’s happening in our market.

Warm Regards, RicRoc & Callista

Despite the ongoing health and economic crisis precipitated by COVID-19, the Marin real estate market made a dramatic recovery from the steep declines in March and April. The median house sales price hit a new high in Q2, and high-end homes, in particular, have seen extremely strong demand – in fact, this applies to virtually every market in the Bay Area. More affluent buyers – the demographic least affected by COVID-19, unemployment, and also having the greatest financial resources – have been jumping back into the market to a greater degree than other segments. The first chart below illustrates the big rebound in buyer demand, as the number of listings accepting offers in June 2020 rose much higher on a year-over-year basis. Of course, closed-sales volume – a lagging indicator – was hammered in Q2 by shelter-in-place. The terrific rebound in higher-price home sales activity is illustrated in the charts below. This was certainly a factor in the jump in the median house sales price. The inventory of listings for sale has climbed, but still remains lower than last year. Two charts on median house sales price trends, the first quarterly (a new high in Q2), the second a longer-term view. The Bay Area markets with the largest year-over-year increases in the number of listings accepting offers in June 2020 were the 4 outer Bay Area counties of Monterey (up 61%), Santa Cruz (58%), Sonoma (47%) and Napa (37%). The inner Bay Area county with the highest y-o-y jump was Marin (26%). These 5 counties also have among the lowest population densities in the Bay Area. The more urban counties saw modest y-o-y increases: San Francisco (6%) and Alameda (7%). Home prices and price trends by city and town. Mortgage interest rates hit another new low.