January 2014 Market Report
The real estate market recovery started in earnest in 2012 and then went red hot in spring 2013, which resulted in an additional, big, fast jump – approximately 20% – in home prices. After the spring peak, the market calmed somewhat in the second half of the year and prices stabilized, but buyer demand remained very strong by historical standards. Economic conditions have continued to improve, household net worth has increased dramatically with rising stock and housing markets, foreclosure rates and distressed property sales have plunged, the second-home market has picked up, and interest rates, after jumping in 2013, are still relatively low. Though it is impossible to predict the future, these factors typically form the foundation of a healthy, active housing market.
In the next few weeks, new listings will start coming on market in quantity, buyers will get back in home-search mode and the market will begin to wake up after the holiday hibernation. Then we’ll start to get an inkling of what the new year has in store.
Median Sales Price Appreciation, 2011-2013
This first chart above gives an idea of the scale of the rebound in home values since the recovery began about two years ago. Median prices are affected by other factors besides changes in value, and different areas experienced bubbles and crashes (and now recoveries) of different magnitudes. Median sales prices are generalizations and changes in them should be considered very approximate indicators of appreciation, but by any measure there has been a huge recovery in North Bay real estate values.
Comparative Dollar per Square Foot Values
I’m not quite sure just how many people from around the world hit this here little (20,000 monthly unique visitors) real estate blog looking for Marin real estate, but one thing I do know is that Marin is pretty damn hard to beat. It’s a hop, skip, and a jump away from one of the best cities in the world, the weather is fantastic, the commute is minor, and the schools are awesome. Because of this, I often find myself browsing Marin real estate, both on and “off market” (not on MLS), and recently came across this $3,250,000 Tiburon pocket listing.
Five bedrooms, four and one half baths, views of Golden Gate Bridge & Bay, designer kitchen, family room with fireplace, formal living room with fireplace (yes that’s two fireplaces), formal dining area, two car attached garage (no parking sticker needed), level yard & gardens (not the postage stamp variety either)…and should I go on?
If you’ve been dying to move to San Francisco, but have children and just can’t seem to figure out the logic and lottery that is the San Francisco Unified School District, then you might consider Tiburon. And if you want modern, open space, and the calming effects of water, then this property might just be the place for you, and I happen to know a damn good Realtor that can get you in before the rest.
Oh, and if you’re worried about the commute to San Francisco, don’t. You can take the ferry to work! You’ll be so green all of your friends will wonder why you never have to buy $6/gallon gas!
-Tiburon Pocket Listing [PocketListings.net]
Oh if we had time to publish these things when they’re hot off the presses. Oh well, we’re still fans of all things architecture, especially when Eichler is involved, so we’ll throw them up for your delight. Coming soon to the Lucas Valley (Marin) real estate market (and what we’d almost consider an epicenter of Eichlers), 26 Oak Mountain Court.
It’s a rare gallery model Eichler designed by architect Claude Oakland, which has been extensively remodeled and expanded to reach 2,400 sq ft, 4 bedrooms, and 3 full baths. This home was featured on the American Institute of Architects home tour and is truly spectacular inside and out (and the cycling down the road is nothing short of world class).
The home will be priced at $1,550,000, is not yet on the MLS, and of course, we can always get you in early.
-26 Oak Mountain Court [Renee Adelmann]