Marin August Market Report | July 2017 Data
What superlative can we offer about the markets that hasn’t already been exclaimed? In July the current recovery reached its eighth birthday (a rarity for modern economic growth cycles). The S&P 500 finished its ninth consecutive month in positive territory. The Dow Jones industrial average passed the 22,000 milestone, and the Unemployment Rate fell to 4.3% from 4.4%, the lowest level since March 2001.
Domestic political turmoil appears to be the new normal but American businesses are thriving against the backdrop of steady economic growth and historically low interest rates. And all of it together is giving rise to a new American wealth effect.
Indeed the average 401(k) account balance stands at $97,700 as of June 30. That’s a 9.6% gain from the $89,100 average of a year ago, and a big leap from the $73,300 average of five years ago. For the 12 months ending June 30, market gains accounted for 72% of the rise in retirement account balances. No matter how you view it, the US economy is in a position of strength.
Closer to home, Marin County’s July single family home market’s figures reflect a decrease of inventory and number of homes sold, which is to be expected given the summer season slowdown. Percentage of Homes in Contract were up from June levels, while Days on Market increased. Average Price Sold was down in all metrics, except median sold price, at $1,210,000.
Number of Homes Sold
With 202 sold, Marin single family home sales were down 17% from June, and up 4% compared to the same month last year. This is expected in July with the seasonal summer market slowdown.
Average Price Sold
The Average Sale Price of Marin single family homes decreased 2% in July compared to June, at $1,574,423 and $1,612,473, respectively. Compared to the same month last year, the Average Sale Price is 10% higher in 2017.
Home Sales by Area
Novato and San Rafael continue to see the highest Number of Homes Sold in July at 53 and 50, respectively. Mill Valley had a notable 25 sold. Less active markets include Belvedere with one sale, Kentfield with 4 and Tiburon with 6, and zero sold in the Beach Cities and West Marin.
In Contract by Area
Corte Madera had 60% of Homes in Contract at the end of July, followed by Larkspur (55%), Greenbrae (50%) and San Rafael (48%). Kentfield, San Anselmo and Sausalito also had a high percentage of homes in contract, at 47%, 45% and 44%, respectively. In contrast, less active markets were Ross (18%) and Belvedere, with none.
Sales by Price Point
In July, the highest number of homes both available (113) and sold (95) were between $1-2 million. There were 48 homes sold between $750,000 and $1 million, while 26 homes sold in the $2-3 million price range. A notable 14 homes sold between $3-7 million, while one home sold over $10 million.