The median sales price slipped back slightly in May from April’s an all-time high for single family homes in Marin County, ending up at $1,532,000. The incredibly tight supply coupled with strong demand pushed prices up and overbids as well. Single family homes sold at a median overbid of 101%, also down from April’s 102%, but higher than last May’s 99%.
Condos/townhomes were also bid on more aggressively in May than in April, rising to a median overbid of 101% from April’s 97%, but down from last May’s 102%. Those bids drove the median sales price to $620,000, a 17% increase above May, 2016. Overbids for condos/townhomes peaked in April, 2015, at 104%.
As we discussed last month, the number of new single family home listings coming on the market was down sharply in April. It was also off sharply in May, by 24% compared to May 2016, and to just above last year’s May number. New listings year-to-date are down 12% year-on-year. That decline in new listings, coupled with a only a 1.5% decrease in the number of homes sales, has led to an inventory of just 1.5 months, a 12% decrease compared to May, 2016, and unchanged from last month.
Likewise, there were 33% fewer new condos/townhomes coming on the market this May than last. At the same time, sales are up 7.6% year-to-date, resulting in only 1.2 months of inventory, the lowest level since June, 2015.