Last month, there were more residential sales across Marin County than any other previous month on record. Furthermore, nearly three out of four properties sold over asking with the average closing price being 7.6 percent higher than the list price. That said, a majority of the more popular homes are commonly going as much as 20 to 30 percent or more over asking with few to no contingencies.
This unprecedented spike in demand also pushed the median sale price to a new record of $1,685,000 for April; a staggering 28.1 percent increase from last year. Homes also continue to sell at a quicker pace with the median days on market recording at 11 days. Proper planning and scheduling is vital in today's market as many local vendors that provide staging, inspections, contract work, etc., are stretched thin with no slow down in sight.
National mortgage rates continued to decline this week with Freddie Mac reporting, 'Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under three percent for the past month. Low rates offer homeowners an opportunity to lower their monthly payment by refinancing and our most recent research shows that many borrowers, especially Black and Hispanic borrowers, who could benefit from refinancing still aren't pursuing the option. Additionally, the low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than twelve years and may lead to higher mortgage rates in the summer?'