Welcome to 2020!
Wow! Is it just me or did the first half of the school year go by in a blink? Our family had a wonderful holiday season from Thanksgiving on Maui to Christmas split between all our loved ones’ homes. We ended with a wonderful toast to the New Year, just the four of us; Kevin, Cat, Maggie, & Josie. Happy 2020!
We hope you all had a wonderful season too. Now, on to market news!
The Marin and Sonoma County markets saw a shift towards more buyer-friendly territory in 2019. In San Francisco, the year ended with much fewer homes for sale, but pending sales are up.
Marin’s median sale price recorded at $1,310,000; a 3% decrease from 2018. Most other key metrics are also cooler year-over-year with a 5-day increase in median days on market and median price per square foot dropping 2.3%. However, the number of properties sold actually increased by 3.2%, reflecting FreddieMac’s report that homeowners remain bullish with mortgage rates hovering around 3.7% for the last two months. This low rate environment combined with the booming labor market is setting the stage for a continued rise in home sales as we gear up for the busy season.
As far as Sonoma’s median sale price, it recorded at $657,000; a 1.8% decrease since 2018. Most other key metrics are also cooler year-over-year with a 4-day increase in median days on market and median price per square foot dropping 1.9%. However, the number of properties sold ticked up by 0.2%, reflecting FreddieMac’s report that homeowners remain bullish with mortgage rates hovering around 3.7% for the last two months. This low rate environment combined with the booming labor market is setting the stage for a continued rise in home sales as we gear up for the busy season.
Looking across cities, Occidental is the biggest outlier to the softening trend with key metric data stronger year-over-year.
Continue Reading: Marin Market Update Sonoma Market Update San Francisco Market Update
If you’d like to see information on another area, just let me know! kevinbrown@vanguardproperties.com
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