Abnormally high household movement occurred due to the pandemic-related reasons, housing and living costs, family and quality of life issues, and new wealth – moves greatly enabled by work-from-home. There was a considerable increase in the number of buyers for first homes, larger homes, luxury homes and second homes.
In the first 6 months of 2021, over $3 billion in home sales were reported to MLS in Sonoma County, 61% above the previous peak in 2018. Year-over-year, the 6-month rolling average, median house sales price was up about 13.5% in July 2021.
In the first 6 months of 2021, almost $3.5 billion in home sales were reported to MLS in Marin County, 65% above the previous peak in 2018. Of Bay Area counties, Marin County saw the highest percentage increase in 2021 over it’s previous peak in sales.
Approximately 3,285 MLS home sales occurred in the six months through mid-June 2021. Total dollar volume was approximately $3 billion. 87% of sales were houses, 11.5% were condos, and 1.5% townhouses. 77% of homes sold for under $1 million. One half of 1% of homes sold for $5 million+.
There was a very large jump in the median house sales price in Q2 2021. Marin has the largest median house size of any Bay Area County, and it has increased almost 8% since the pandemic struck. Larger homes tend to be located in more expensive areas.
Besides changes in fair market value, median sales prices often rise and fall due to seasonal factors. The median house sales price has seen an astonishing increase since the pandemic struck.
Besides changes in fair market value, median sales prices often rise and fall due to seasonal factors and changes in luxury home sales. For example, it’s not uncommon for median prices to rise in spring and drop in mid-winter.