Marin October Market Report | Q3 2017
During Q3 the bull market in stocks became the second strongest in U.S. history with a gain of over 260% from its bottom in 2009. Similarly U.S. household wealth increased in the third quarter to yet another record.
The Government reported the economy grew at a strong 3% during the second quarter of 2017, up from an earlier estimate of 2.6%. Stronger consumer spending and expanded manufacturing are the main drivers of growth. In fact, American manufacturing expanded last month at the fastest pace in 13 years with 17 of 18 industries reporting growth in September.
The Fed voted to keep interest rates steady at their September meeting, but they did announce plans to begin the great “unwinding” of their massive $3 trillion balance sheet. Beginning in October, the Fed will sell Mortgage Bonds and Treasury Securities every month. It is anticipated that as the Fed sells rates will rise and the spread between 30-year mortgages and 10-year Treasuries will widen, pushing mortgage rates up by an extra eighth of a point.
In Marin County, the Single Family Home market Q3 figures show a decrease of Inventory, Percentage of Homes in Contract and Number Sold compared to last quarter, while Days on Market increased. Average Price Sold had a slight decrease in Q3 to $1,606,232, down 1% from Q2 and up 12% compared to the same quarter last year. A notable 13 Single Family Homes sold between $5-$7 million in Q3.
Number of Homes Sold
With 554 sold, Marin Single Family Home sales in Q3 were up 9% from the same quarter last year and down 19% compared to the end of Q2. Decreased inventory and the seasonal summer market slowdown influenced the Number of Homes Sold in Q3.
Average Price Sold
The Average Sale Price of Marin Single Family Homes increased a healthy 12% in Q3 compared to the same quarter last year. When compared to Q2, Q3 Average Sale Price decreased slightly (1%) to $1,606,232.
Home Sales by Area
Novato and San Rafael continue to see the highest Number of Homes Sold in September at 33 and 32, respectively, with Mill Valley not far behind at 25 sold. San Anselmo had a notable Number of Homes Sold at 8, as well as Tiburon with 7.
In Contract by Area
Fairfax had 67% of Homes in Contract recorded in September, followed by Larkspur (54%), Corte Madera (50%) and Greenbrae and Novato, both at 40%. In contrast, less active markets were Ross (8%) and Belvedere (5%).
Sales by Price Point
In Q3, the highest number of homes both available (419) and sold (255) were between $1-2 million. There were 131 homes sold between $750,000 and $1 million, while 67 homes sold in the $2-3 million price range. A notable 13 homes sold between $5-7 million with 5 homes sold at above $7 million, three of which sold for over $10 million.