I said I would continue to talk about all those price rises we’re seeing. If that video I posted on Tuesday didn’t raise the hair on the back of your neck, this post might (or might not). Today I am writing about statistics; wait, don’t click away; you need to read this. Tomorrow I plan to close the loop with a few thoughts about how this news affects all of us, whether buyer, seller, or home owning spectator.
The statistics are indisputable, yet open for interpretation. While month over month stats are only a small lens, today’s YEARLY STATS are what we really need to look at to gauge where the Marin market stands relative to past years.
Statistics from BAREIS, our local MLS: The Average Sales Price in all of Marin was $878,883 compared to 2011’s $846,083, a rise of 3.8%. The Median Sales Price was $679,000 while in 2011 it was $640,000, an increase of 6%. While respectable, its not as stratospheric as we’ve heard in the media. However, what really is important is the number of sales, 2993 versus 2506, a whopping 19% increase.
The take home message: prices have risen, but have a long ways to go to return to their peak in 2007, but the number of sales are their highest since 2005, the highest in seven years. If rates stay ridiculously low, and if we don’t experience some unexpected trauma, people will continue to buy at this scorching pace. It will be interesting to see if the pace is sustainable and can match the pace set last spring.