Looking for the latest news on the Marin real estate market? You’ve come to the right place. The March numbers are in and compared to a year ago at the same time, overall inventories (number of homes on the Marin real estate market) are about 39% higher while the median price of homes sold last month was down 2.6%.
I saw one of my most active March months ever, with 4 homes going into escrow in the first half of the month. One home even had a multiple bidding situation with 6 different offers driving the price significantly over asking. This is more and more rare however and I attribute it to both the beauty of this home as well as a presentation and pricing strategy that drove buyer interest. (I get to brag just a little, don’t I?)

So what is driving the market right now? I believe inventories are up because sellers realize the last market peak is likely behind us and are wanting to get their homes on the market in the event we see a longer-term softening in demand. Buyers are also coming out of the woodwork as we see the lowest mortgage rates in a year.

What’s All This Talk About IPO’s?

Last month I mentioned a New York Times article that breathlessly predicted that San Francisco would “drown in millionaires” from the Initial Public Stock Offerings of local companies like Uber, Lyft, Airbnb and even Levi Strauss & Co. This article and others like it have become the talk of the town, and the IPO’s have become part of the public consciousness. Before last month, I had not heard the term “IPO” in months. Now I hear it almost daily.

I do think we may see an impact on the real estate markets in SF and the South Bay, where like Marin County we see inventories up versus prior years and pricing beginning to soften. And what happens in SF impacts Marin, especially southern Marin. This combined with declining interest rates could add some fuel to the market and make the breather we have seen over the last 5 months be just that — a breather until the Marin real estate market resumes its multi-decade march upwards.

I do know it has impacted buyer sentiment – with some buyers saying they are “racing” to find a property not only to get the kids settled in school before next fall, but also to make sure they are not competing with these future IPO millionaires. Time will tell us if this is hype or just “two hours of thunder and two drops of rain” as my momma used to say.

Further Reading

“With Mortgage Rates at a Low, Loan and Refinance Applications Surge” — realtor.com

“Eaten alive? We asked financial experts if the IPO boom will really change San Francisco” — San Francisco Chronicle

“Marin Homes Sales Spike 7.1 Percent in February” — Marin IJ

“Gen Xers’ Adult Children Influence Home Buying Decisions in U.S” — World Property Journal

“Median National Home Value Spikes … to a Quarter of San Francisco’s Asking Price” — San Francisco Chronicle

Let’s Get in Touch

These monthly Marin County real estate market reports are a great place to start as you learn more about the market. Let’s continue the conversation — I am always happy to discuss the market, and the best way to approach it whether you are a buyer or a seller.

Interestingly, I have had several sellers talk to me this spring about selling next spring. That is very, very smart — it gives them the dry summer months to prepare their homes for sale next spring. I cannot tell you how many times I have walked into a newly remodeled home where the seller did not consult with me and thought to myself “If only they had chosen a different paint color…”

To those who read this report, thank you for all your support of my business. I couldn’t do it without you. Call or text me at 415-847-5584 anytime. Let’s talk real estate!