|There were plenty of buyers in Pacific Union’s Marin County region during the fourth quarter but nowhere near enough homes to accommodate them – a problem that has persisted across the Bay Area for several years. In a marked change, however, buyers in the second half of the year started to gain the upper hand in negotiations. They displayed little sense of urgency and were more likely to pass on an attractive house at a competitive price, waiting to see what will come on the market in the weeks and months ahead.
Sales prices rose throughout the year, climbing aggressively earlier in 2015 before moderating in the fourth quarter. Demand for housing remained high, and sellers continued to enjoy healthy premiums. Private purchase agreements – reached without homes ever appearing on a local MLS and without competing bids – were not uncommon.Looking Forward: Marin County remains an attractive destination for buyers. The chilly weather may affect sales in January and February, but we expect a very busy spring and summer, aided by a booming Bay Area economy. Interest rates remain exceptionally low, and any further increases would likely have little effect on Marin County sales.Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts below includes single-family homes in these communities.|