Q4 saw more of the same for Larkspur; severely under-supplied markets in all sectors, and buyers willing to continually drive prices up above previously established highs.

Median single family home values are up $600,000 since 2019, similar to most Marin real estate markets, and there seems to be no slow down in sight. With another ~ $200,000 median price jump in Q4, the market is trending north of $2,650,000 for the first time in history.

For reference, the median value of a home in Larkspur in 2019 was $2,043,000

The condominium market was a rare blip on the radar where values were $100,000 below 2021 values in Q4, but with only 5 data points (sales), I wouldn't be alarmed. Larkspur is one of Marins lowest volume markets which usually creates an excess in demand compared to the supply. Q4 flipped the switch on that economic equation, seeing a significant dip in condominium values for the first time in pandemic years.

The luxury market continues to trend toward a $4M average, with 1 major sale in the quarter at $4,750,000. Similar to the median markets, the luxury housing market has seen steady and continual growth throughout the pandemic, with buyers seeking beautiful estates, shrouded in privacy and peacefulness, but still within arms reach of San Francisco. The value drivers for luxury property have been proximity, walkability, and views.

2022 should see much of the same as 2021.

The key statistics we will use to objectify market data are as follows:

Total Number of House Sales In Q4: 14

Average Monthly Sales In 2021: 6

Average Sale Price Of Houses In Q4: $2,670,000

Average Sale Price In 2021: $2,453,000

Larkspur’s Avg Price Per Square Foot Sold (all property types):

Average Sale Price Of Condominiums In Q4: $642,000

Average Sale Price In 2021: $749,000

Average Days On Market in Q4 (all): 18

Months of Supply (total active listings/monthly sales rate): 0.3

Average Supply in 2021: 0.7

General sentiment from agents: Larkspur had one of the steepest gains of any neighborhood Bay Area wide throughout the pandemic, leading to a heavily undersupplied market with insatiable buyer demand. Values skyrocketed, and really didn’t slow down at all in 2021.

Almost any listing with unique/desirable features will move quickly and sell for top dollar in Q1 of ‘22.

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