01 Jan Southern Marin Update
Southern Marin includes the Towns of Mill Valley, Sausalito, Belvedere and Tiburon.
The leap in home sales is facilitated by the strong Bay Area economy, the difficulty of placing young children in San Francisco private schools, high prices in the City, and record low mortgage rates. The last 2.5 year trend shows high-end buyers opting for estates in Kentfield and Ross while shying away from Belvedere in all but the Lagoon area. These changes in buyer preference are notoriously difficult to pinpoint- like wine people seem to be drinking more Cabs than Pinots when a few years ago the opposite was true. Current buyers are families seeking practicality- avoiding vertical homes, vying for lawns, pools and access to schools, soccer fields and markets.
Price data comes in two general forms: 1) Residential data (RESI) (which includes all categories of residential homes sales most notably single family homes and condominiums, but also TICs (Tenant in Common) farms, ranches and vacant parcels) and 2) Single Family Residences data (SFR).
Most charts in this blog differentiate the two main components of residential sales Single Family Residences (SFR) and Condos.