What is Different about Buying Homes in Marin and San Mateo Counties?

Have you considered living in Marin County? There are some obvious advantages, like weather. Periods of warm weather are longer and it is very scenic. Marin’s proximity to San Francisco makes it possible to live  in your "Marin retreat" every day and not just to go there on weekends. Many people think that living in Marin is more expensive, but is it true? Any quantitative comparison would be very difficult so I am primarily using my observations; let analysts to try to disprove me. For the purpose of this post I examined a few cities in San Mateo County including Millbrae, Burlingame, Belmont, San Mateo, Foster City, San Carlos and Menlo Park and Mill Valley, Larkspur, Greenbrae, San Anselmo, Corte Madera, San Rafael and Kentfield in Marin County. 

So, what is different about buying a house in Marin County from that in San Mateo County? The first thing that caught my eyes was that there were significantly more homes that stay on the market longer, even now. The average days on the market (DOM) is definitely much higher there. In San Mateo County we see this only in very expensive areas like Hillsborough, but in Marin we see much higher DOMs for all prices ranges. Faster sales are not the only reason, San Mateo agents prefer to take it of the market to reset DOM. Either the MLS in Marin does not allow it or agents are keeping houses longer on the market.

There are fewer homes in Marin that are selling for significantly more than asking price – surprising but true! Out of 50 homes sold in Greenbrae, Larkspur, Mill Valley and Kentfield from the beginning of May “only” 28 or 56% sold at or above the listing price and often just a few thousands above. If you followed my posts about Burlingame and San Mateo you might remember that in Burlingame the number of homes sold above the listing price was 76% during the same period of time. There are also fewer new homes in Marin, possibly because San Mateo County homes are older we see a lot of old house torn down and new built in their place. There are also fewer homes being sold in zero days, especially since new constructions are often sold before their completion and before they are listed (what indicates less pre-listing selling). Because there is less new construction, we see less houses sold in zero days (prices of homes sold in zero days are shown for comparative reasons). As real estate boom was in its fullest in San Francisco and San Mateo and more homes were listed, the limited supply lasted in Marin much longer. It took a few weeks longer for more listings to start coming to the market.

In Marin providing a home inspection report by Seller is not common. I talked to a couple agents in Marin and they simply don’t do it. But it is quite common in San Mateo County that listed house will at least have the inspection report paid by the buyer. It allows for much more efficient selling process and less escrow cancellations following inspections.

Price per square foot for the same price range and similar quality of homes is also smaller in Marin! Again, I will let analysts to try to prove or disprove it, but your money will buy a bigger house in a good location and with great view in Marin!

So what is the same? Overall, Marin real estate market accelerated as much as  in San Mateo. Only 35 homes sold in the above listed cities in Marin in January and as many as 99 in May. In both counties great homes sell very fast and well over the listing price. Homes in areas with great schools sell faster and for much more than similar homes in other districts. There are great schools in both counties. Proximity to great schools and easy and quick access are in high demand in Marin as well as in San Mateo.

Here are few pictures from a currently pending 3 bedroom and 2.5 bathrooms, 2500 sq.f.  house in Mill Valley that was listed for $1,595,000 (or mere 638 per sq.f.).

 

 

Sorry to say, but in San Mateo County you would pay at least $2 million for it. So, maybe you should look into buying in Marin? Please don't hesitate to contact me for your private tour of homes in Marin if you do!