09 Mar Marin Poised for All Time High Prices in 2017
Marin County is quickly digging its way out of a hole. Average RESI prices were down -15% year to date last week, this week RESI prices are down only -5%. The uncertainty created by the election really gave buyers pause last Fall 2016, and that carried thru the various executive order crises in early 2017; which, combined with the constant rain/snow, kept buyers creeping in traffic up to Tahoe rather than bidding on homes.
That has changed- we have had clients involved in multiple offers on homes in Mill Valley CA, San Rafael homes, and have heard of other similar situations is most Marin County towns. The Spring 2017 market will very likely push most Marin County towns to all-time high prices.
Marin home prices are inherently cyclical- a function of local jobs and the level of interest rates. Since ‘79 Marin County home prices average 122% higher than the average of the last 7 years, or 1 standard business cycle—which is exactly where home prices are now relative to the last 7 year cycle. Home prices would have to rise 6.5% in 2017 to stay at this 122% level- which is our pricing forecast for 2017.
The DuPont Group is committed to offering clients unparalleled insight into home values and the factors that drive prices in every town in Marin County. Please consider us for your business.