Kentfield buyers continue to struggle with limited inventory. Buyers will pay-up for completed homes but shy away from listings that require a major project- anything more than Kitchen, bathrooms and landscaping give buyers second thoughts on price. High-end buyers that commute into the city are increasingly passing on Tiburon & Belvedere, opting instead for Central Marin due to overcrowding of schools and traffic getting in/out of town.
Kentfield data is pretty clear – a strong year with a business cycle high 79 SFR homes sales. Home unit sales this year are 36% above the Biz Cycle mean. Note the significant drop in homes sales ‘08-’09:
The DuPont Group (TDG) Price Index remains -7% below peak 2007 values:
The median size home that sold in 2013 is 2,857sqft.
The most unique data points this year are the business cycle low in lot values as a derivative of home sales:
The median lot value as a derivative of home sales for Kentfield is $680k, the 95th% lot value is $3.2m and max lot value is $7.2m- about the same as Tiburon.
Lot values are falling but with a corresponding increase in structure values:
Average Selling $/SQFT
Preparing homes for the market is important as buyers are paying up for layout and finish. The drift lower in Kentfield lot prices is difficult to explain but the trend is clear- perhaps the emotional pull for Bacich Schools is less compelling with the increases in class size. The strength of Kentfield market segments is distributed evenly with slight relative weakness in the middle of the market:
Looking back beyond the past 7-year business cycle shows that Kentfield typically has very high year to year price volatility relative to other towns in Marin- a trend which isn’t as pronounced this business cycle.
The DuPont Group hopes to take 2 Kentfield listings in 2014. Please consider us when interviewing or recommending agents.