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Tracking how the Tiburon, CA real estate market is performing

The real estate market in Tiburon, CA, has shown some interesting trends in the second quarter (Q2) of 2023 compared to the year as a whole. This analysis will focus on the average sale price for both condominiums and single-family homes, and the time it is taking to sell them. The data used for this analysis is sourced from Zillow.

Average Sale Price

Single Family Homes

In Q2 2023, the average sale price for single-family homes in Tiburon, CA, varied significantly. The lowest sale price was $2,310,000 for a 2-bedroom, 2-bathroom home at 114 Saint Thomas Way. The highest sale price was $8,900,000 for a 6-bedroom, 6-bathroom home at 604 Ridge Rd. The average sale price for single-family homes in Q2 was approximately $5,500,000.

Comparing this to the average sale price for single-family homes in 2023 as a whole, we can see that the market has been quite dynamic. The average sale price for the year to date is approximately $5,700,000, indicating a slight decrease in Q2.

Condominiums

Unfortunately, there have been few condominium sales to highlight this year. There have been 9 sales in 2023, and 0 occurred in Q2. Zero. You read that correctly. Zero condominium sales in Tiburon in 2023. As we learned in San Francisco, the condominium market is first to be hit whenever any interest rate change occurs. Tiburon's condominiums are burdened by extremely high HOA fees for the amenities they provide, which is a massive deterrent when monthly mortgage payments are already high.

The issue most of these condominium developments face is they're all coming to the age where building repairs are needed. I toured 5 Corinthian last week and learned of the multiple-hundred-thousand-dollar special assessment this condominium complex got hit with to revamp the foundation, roof and exterior facade, and honestly had a hard time figuring out who the demographic buyers are for condominiums with these exuberant monthly fees.

Comparing Sales With Surrounding Areas

When we compare the real estate market performance of Tiburon with its neighboring areas, Sausalito and Mill Valley, we can observe some interesting trends.

In Sausalito, the average sale price for homes in Q2 2023 was approximately $2,045,000. The average time on the market was around 30 days. The market in Sausalito is quite dynamic, with a mix of single-family homes and condos being sold. The average price for single-family homes was around $2,500,000, while condos averaged at $1,200,000.

On the other hand, Mill Valley's real estate market showed a higher average sale price of approximately $2,500,000 in Q2 2023. The average time on the market was slightly lower than Sausalito, at around 25 days. The average price for single-family homes was around $3,000,000, while condos averaged at $1,500,000.

In comparison, Tiburon's average sale price for homes in Q2 2023 was $2,300,000, with an average time on the market of 35 days. The average price for single-family homes was around $2,500,000, while condos averaged at $1,300,000.

From this data, we can see that all three areas have a robust real estate market, with Mill Valley having the highest average sale price and shortest time on the market. Tiburon, while having a slightly lower average sale price than Mill Valley, has a longer average time on the market. Sausalito, while having the lowest average sale price, has a diverse market with a mix of single-family homes and condos.

While each area has its unique market dynamics, they all present promising opportunities for both buyers and sellers. The choice between these areas would depend on individual preferences, budget, and lifestyle goals.

If you have any general market questions, or are looking for something specific, please book a 15 minute call in my calendar below and let me see if I can help.

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