Median home price hits $1.49M

The median selling price of a detached residence in Marin was $1.49 million in December, a calendar year-about-year increase of about 6%, in accordance to the latest information from the county assessor’s workplace.

The rate, whilst a get, marked a fall-off from the double-digit raises above the summer time, when the Marin median swelled as substantial as $1.8 million. The median price tag is the stage at which 50 percent the homes offered for much more funds and 50 % for a lot less.

Susan Hewitt, an agent with Golden Gate Sotheby’s Worldwide Realty in Greenbrae, managed a sale in December that was around the median price. She claimed the property — a a few-bedroom hillside residence at 84 Bret Harte Street in San Rafael — shown at $1.325 million and sold at $1.5 million.

“They arrived in with a great give, and it just worked for every person,” explained Hewitt, an agent for 34 years.

At the significant finish of the marketplace, two detached homes offered in Ross in December at a median price of practically $16.2 million, the county documented. Four residences in Belvedere bought for a median price tag of $6.7 million, and 6 houses in Mill Valley sold for a median of $3.5 million.

At the decrease finish of the marketplace, 8 detached properties sold in Fairfax at a median rate of $1.16 million 26 in San Rafael at $1.3 million and 39 in Novato at $1.325 million.

The amount of detached home gross sales in Marin was 170 in December, down 35% from the prior calendar year, in accordance to the county data.

Hewitt reported the industry is now “absolutely insane” for 2022, with some homes in escrow at 20% over inquiring selling price. She expects costs to preserve rising since of the minimal provide.

“There is big pent-up need due to the fact our stock circumstance is so dire,” she mentioned. “Especially in the under-$3 million or $4 million marketplace.”

For Marin County condominiums and townhomes, the median price in December was $780,000, up about 5% 12 months-around-12 months. Sixty-one particular attached properties bought that month, as opposed with 69 the prior yr.

The county has not yet introduced its genuine estate facts for January.

Regionally, the median price tag for a detached dwelling in the Bay Spot was $1.2 million in December, in accordance to the California Association of Realtors. The rate was a 13.4% increase around the prior December. Revenue quantity declined 23.1% 12 months-more than-calendar year.

Statewide, the median cost for a detached house hit $796,570, an 11% calendar year-in excess of-calendar year attain, the association claimed. Product sales quantity declined approximately 16% 12 months-in excess of-year.

“Despite indications of moderating in the second half of the calendar year, California’s housing market place continued to outperform last year’s stage and remained aggressive even as household price ranges rose at a double-digit rate — a testomony to the imbalance of high need and not plenty of houses on the current market for sale,” explained Otto Catrina, an East Bay agent who is president of the California Association of Realtors.

The U.S. weekly average for 30-12 months mounted-fee mortgages was 3.55% as of Thursday, according to Freddie Mac, the federally chartered home loan company.