Marin Community and Real Estate Market Report - 3/16/21

Cautious optimism is in the air in Marin, now that the county has been moved to the less restrictive "orange tier" and an increasing percentage of the population vaccinated. The CDC has issued updated guidelines for those who are fully vaccinated.

 

 

The San Francisco Chronicle reported "As if there weren’t already enough good vibes at the largest vaccination hub in San Francisco, word has come out of Moscone Center that the site has a vaccine playlist", including The Beatles' "Here Comes the Sun" and Pharrell Williams' "Happy." Scott Keech, the director of operations at the site said "

Even with physically tiring days that last 12-14 hours, working at the Moscone vaccination center has been 'good for the soul. 

I don’t think anybody is not happy, but some people are just … when they start heading up the escalators to leave, they’re dancing and screaming and clapping and cheering,' Keech said. 'It’s really fun to see.'"

 

The spring real estate market is well underway, with unprecedentedly high demand and low inventory. Compass' Chief Market Analyst, Patrick Carlisle, explains that "At the beginning of the new year, it is not unusual for buyers (demand) to jump back in much 

sooner than sellers (supply), a dynamic which commonly accelerates as spring gets underway. 

When demand surges while listings lag behind, buyers must increasingly compete, often 

heatedly, for appealing homes. This imbalance in supply and demand adds considerable 

pressure to the market, with overbidding and price increases becoming common."

 

Carlisle continues: "This has 

occurred with a vengeance in early 2021. 

The spring market began in January and c

ontinues to accelerate. Here are the stats to date: m

edian house prices are up 12%, active listings are down 13%, and sales volume is up 45%."

 

On a broader note, Leonard Steinberg, Compass' Chief Evangelist, reports that "Millennials—adults born from 1981 to 1996 (72.1 million of them)—represent the largest share (38%) of homebuyers in the U.S and wealthy millennials are attracted to large properties. Wealth amongst this set is coming from finance and tech-fueled new wealth creation, inheritance, and business creation. Unlike prior generations, they are buying homes later in life, and because of this they are buying the larger kind of homes traditionally associated with a second or third purchase as buyers 'climb the ladder'. This generation is more educated, more tech-savvy, and more likely to be beneficiaries of the largest wealth redistribution in history."

 

The charts below vividly illustrate the ever-increasing demand for Marin real estate, and what a strong investment it has proven to be.

 

With decades of award-winning real estate experience, the Smith + Aylwin team is dedicated to helping you achieve your real estate goals. We encourage you to visit our website for more information and resources. Our team is always available by phone, text, email, zoom, and social media. Please reach out if we can be of assistance in any way.

Bill and Ann