Marin County supervisors voted Tuesday to temporarily ban new vacation rental applications along the county coast and in San Geronimo Valley while officials develop a longer-term plan to balance tourism and local housing demands. The county will not accept any new license applications to run short-term rentals for 45 days while officials develop strategies for easing a housing crisis that has left workers without affordable housing and employers in short supply of labor. The rules won’t impact currently operating vacation rentals, and the county will consider all applications already received as of Tuesday.
The median price of a detached home in Marin County has passed the $2 million mark amid steep spring gains throughout the Bay Area. The figure for May was just over $2.025 million in Marin County, according to data released by the assessor's office. The price marked a 19% increase over the previous year. In April the median price hit $2.1 million in Marin a year-over-year increase of 28%. The high median prices last month included $5.5 million for four residences in Belvedere; $5.2 million for 14 homes in Tiburon; and nearly $5 million for four homes in Ross. The county recorded 254 homes sales in April and 267 in May, compared with 351 in April 2021 and 298 in May 2021.
In the Marin condominium and townhome market, the median price was $865,697 in May, up from $716,500 the prior year. In April, the median was $850,000, up from $780,253 the prior year.
Marin County has opened the door to possibly purchasing the 110-acre Martha Co. property on the Tiburon Ridge to preserve the land as open space. Convening as the Marin County Open Space District board of directors, the Board of Supervisors on May 17 met in closed session with staff and the county’s chief real-estate negotiator to discuss price and terms of acquisition, as well as possible next steps toward putting a parcel tax on the Nov. 8 ballot to help finance the purchase of the land, which is currently for sale for $63 million.
As you can see, there is a lot going on in our local market. If you'd like to know more, I invite you to visit my blog site. Tracy Curtis, Coldwell Banker Realty, Let’s Connect!