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Market Report for November 2017

Marin December Market Report | November 2017 Data

The now longest stock-market boom in American history continues with investors cheering the prospect of deep corporate tax cuts and the rollback of government regulations under President Trump. The three major stock indexes: DJIA, S&P 500, & NASDAQ all measured record highs, again.

Stock gains have help create $5.4 trillion in value since Election Day and The Federal Reserve reports rapidly rising home prices have attributed to home equity levels reaching all-time highs at $13.9 Trillion, up $500 Billion from its last 2006 peak.

Add to this a job market which has steadily increased for 85 months and it is no wonder the Consumer Confidence index registered its highest reading in 17 years.

The Fed's favorite inflation gauge rose 1.4% and remains below the Fed's 2% target range. Despite low inflation, the Fed is on target to raise rates in December and plans three more rate increases in 2018.

Closer to home, Marin County’s Single Family Home market had a healthy November with an increase in Number Sold (203), Median Sold Price ($1.2 million), and Percentage in Contract (41%). Inventory continues on a tightening trend while Days on Market increased.



 

Number of Homes Sold

With 203 sold in November, Marin Single Family Home sales were up 19% from October levels and up a notable 34% compared to the same month last year.

 

Average Price Sold

The Average Sale Price of Marin Single Family Homes decreased 2% in November compared to October levels. When compared to the same month last year, Average Sale Price increased 13%, to $1,490,840.

 

Home Sales by Area

San Rafael and Novato continue to see the highest Number of Homes Sold in November at 47 and 36, respectively, with Mill Valley not far behind at 24 sold. Other areas with significant homes sales were San Anselmo (18) and Corte Madera (13).

 

In Contract by Area

Larkspur and Fairfax had 100% of Homes in Contract in November, followed by Novato (61%), Greenbrae (60%), Mill Valley (51%) and Corte Madera (50%). Less active markets included Belvedere, Sausalito, West Marin and Tiburon, all with 20% or less of Homes in Contract.

 

Sales by Price Point

In November, the highest number of homes both available (88) and sold (95) were between $1-2 million. There were 68 homes sold between $500,000 and $1 million, while 24 homes sold in the $2-3 million price range. A notable 13 homes sold between $3-5 million.