Marin November Market Report | October 2017 Data
The second longest bull-run in stock market history continues and by now the S&P 500 index has nearly quadrupled in value since March 2009. This year, not only is the index up 15 percent, but October marked the 12th straight month it logged a positive return–the first time that’s happened since 1935.
Some believe the Fed’s planned rate hike in December will deliver the first headwinds, but the markets have endured four rate hikes over the last 22 months–three of them since December 2016–and those did nothing to slow record stock prices. Moreover, with inflation at 1.3 percent, Fed policy makers are in no hurry to raise rates too quickly with three rate hikes expected in 2018.
These days, good economic news isn’t a USA only phenomenon. A survey in the Eurozone showed its economy continued to grow at a swift pace in October and that companies were hiring at their fastest pace in a decade. The manufacturing sector in particular saw good growth in France and Germany. And in Japan, a survey of manufacturers showed activity grew relatively strongly and exports rising. At present, across the globe there isn’t a single major economy in recession.
In Marin County, the Single Family Home market’s October figures show a decrease of Inventory, Number Sold and Days on Market compared to September, while Percentage of Homes in Contract and Median Price Sold increased. A notable 30 Single Family Homes sold between $2-$5 million in October.
Number of Homes Sold
With 169 sold in October, Marin Single Family Home sales were down 4% from September levels and down 16% compared to the same month last year.
Average Price Sold
The Average Sale Price of Marin Single Family Homes decreased 6% in October compared to September levels. When compared to the same month last year, Average Sale Price increased slightly (1%) to $1,529,197.
Home Sales by Area
Novato and San Rafael continue to see the highest Number of Homes Sold in October at 44 and 36, respectively, with Mill Valley not far behind at 23 sold. Corte Madera and Tiburon had a notable Number of Homes Sold, each at 10.
In Contract by Area
Larkspur had 75% of Homes in Contract in October, followed by Fairfax (73%), San Anselmo (59%) and Mill Valley (50%). Less active markets in September, including Ross and Belvedere, had significant increases in Homes in Contract in October, up 262% above last month’s figure in Ross and 240% in Belvedere.
Sales by Price Point
In October, the highest number of homes both available (124) and sold (85) were between $1-2 million. There were 51 homes sold between $500,000 and $1 million, while 18 homes sold in the $2-3 million price range. A notable 9 homes sold between $3-4 million.