The median price of a detached home in Marin popped to $1.76 million in June, an increase of more than 21% over the prior June, according to new data released by the county.
At the same time, the number of all homes of sold in Marin — including detached residences, townhomes and condos — rose by about 50% in June over the prior year, when the area was crippled by the coronavirus lockdown, the county assessor-recorder’s office reported this week.
“The real estate market has been hot in the spring and through June,” said Kathy Schlegel, an agent with Golden Gate Sotheby’s International Realty in Marin.
“Most homes have sold with multiple offers and well over asking,” she added. “However, we have seen the market level off somewhat in July — still a seller’s market, but not quite as crazy.”
The county reported 453 home sales in June, compared with 305 in June 2020. The median price of all detached homes, condos and townhouses sold in June was $1.53 million, up from the $1.3 million median price in June 2020.
The median is the point at which half the prices are higher and half lower.
Wayka Bartolacelli, an agent with the Compass real estate office in Greenbrae, said buyers are resorting to expensive means to get out in front of the multiple offers.
She said at least 14 properties in July were sold off-market, meaning they were not listed on the standard Marin multiple listing service until after the sales closed.
To keep the sales off-market, buyers typically give sellers an above-asking offer in exchange for the seller not listing the home and thus opening it up for bidding wars.
“Buyers are overbidding over themselves to preempt sellers from putting it on the MLS,” Bartolacelli said.
According to the assessor’s office, the year-over-year increases were seen in both detached home sales and those of townhouses and condos.
Detached home sales in Marin rose to 352 in June from 254 a year earlier. A total of 101 townhouses and condos were sold in June, up from 51 in June 2020.
The median price for townhouses and condos in June was $800,000, compared with $730,000 a year earlier.
Both Schlegel and Bartolacelli said the frenetic pace of the Marin market might be easing for the peak summer vacation period.
“We have more listings coming on, which increases the inventory, and some buyers have given up looking due to the highly competitive market and buyer’s fatigue,” Schlegel said. “While we have seen this in Marin, it also appears to be a national trend.”
Bartolacelli said competition is such that some buyers are making their offers without any contingencies — such as for appraisals, inspections or loans — in order to make the offers more attractive to sellers.
“We’re seeing an increase in non-contingent offers,” she said. “It’s kind of scary for the buyers. They’re putting themselves at risk if something should go south.”
According to the assessor’s office, the largest number of sales in June was in the unincorporated areas, with 91 detached homes sold and nine condos or townhouses. The highest median price was in Ross, where seven homes sold at a $7.75 million median.
Other June data for Marin County:
In Belvedere, five detached homes sold for a median price of $4.16 million.
In Corte Madera, 12 detached homes sold for a median price of $2.03 million. Two condos/townhomes sold at a $802,500 median price.
In Fairfax, 20 detached homes sold at a median price of nearly $1.3 million. One condo/townhome sold for $975,000.
In Larkspur, 18 detached homes sold at a $2.26 million median price. Eight condos/townhomes sold at a $1.01 million median price.
In Mill Valley, 26 detached homes sold at a $2.3 million median price. Five condos/townhomes sold at a $620,000 median price.
In Novato, 65 detached homes sold at a $1.2 million median price, and 31 condos/townhouses sold for a median price of $705,000.
In San Anselmo, 12 detached homes sold for a $1.68 million median price, and two condos/townhomes sold for a median price of $840,000.
In San Rafael, 48 detached homes sold for a median price of $1.58 million, and 25 condos/townhomes sold for a median price of $750,000.
In Sausalito, seven detached homes sold for a median price of $2 million, and 10 condos/townhomes homes sold for a median of $1.26 million.
In Tiburon, 21 detached homes sold for a median price of $3.1 million, and eight condos/townhomes homes sold for a median price of $1.56 million.
