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Marin median home price rises 13.7 percent

Marin median home price rises 13.7 percent

Marin’s median price tag for all homes sold in June hit $1.08 million — a 13.7 percent rise from a year earlier, a real estate data tracking firm reported Wednesday.

That was a big bump from the June 2016 median price of $950,000, according to Irvine-based CoreLogic.

Although the total number of homes sold in Marin dropped slightly, to 367 from the 373 homes sold in June 2016, the market overall remained robust, said Thomas Henthorne, of Golden Gate Sotheby’s Real Estate.

“I’m having my best year yet,” said Henthorne, who was expecting to close Wednesday on the sale of former Olympic sprinter Michael Johnson’s San Rafael home for $3.1 million. “It’s continuing to be a good market.”

Marin real estate broker Patti Cohn, of Pacific Union Real Estate, said a property she listed in Sausalito had 17 offers, and sold for $500,000 over asking.

“Right now, it’s hotter than hot,” she said. “It’s crazy.”

Henthorne’s and Cohn’s comments were in line with the Bay Area market, where total home sales rose 2.1 percent to 8,291 homes, up from 8,122 sales in June 2016, according to Andrew LePage, a research analyst with CoreLogic.

The median price for all homes sold in the Bay Area was a record $735,000, up 7.5 percent from the $683,750 median in June 2016, LePage said.

“While job growth, low mortgage rates, consumer confidence and other factors have helped fuel housing demand, tight inventory remains the primary driver of price gains,” LePage said.

“Despite a tight inventory, the San Francisco Bay Area still posted a small year-over-year gain in sales last month, suggesting it was quickly burning through its supply of homes for sale,” LePage said.

Similarly, Marin’s resale home market increased in volume 1.4 percent to 286 resale homes sold in June, up from 282 resale homes sold a year ago. The resale median price also rose, climbing to $1.249 million, up 7.2 percent from the $1.165 million a year ago.

Henthorne said he was not seeing the usual summer slowdown in the Marin market. For whatever reason — possibly the 2016 presidential elections led to a more sluggish market last year — this summer’s Marin market seems to be more brisk than last year, he said.

“I just listed a San Anselmo home, and I had three offers over asking in four days on the market,” Henthorne said. “I’m about to bring out three more listings in August.”

Henthorne added that he recently closed on the sale of a Tiburon home after multiple offers were put forward. The all-cash sale closed at $2.495 million.

Cohn also said that last year’s market seemed to slow down in the last half of the year, likely because people were distracted by the elections.

“We were uncertain how the first half (of 2017) was going to go, but in the first half, prices just took off,” she said. “All my listings are going quickly, with multiple offers — sometimes they don’t even hit the market and they’re gone.”

Cohn predicted the market would eventually normalize, but for now it was a strong sellers’ market, she said.

Resale condo sales in Marin dropped to 81, down from 91 sold in June 2016, CoreLogic said. The median price of resale condos dropped 13.8 percent to $560,000, from $650,000 a year ago.

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