Marin County Real Estate Market Report
Last month Marin real estate continued to set record highs, with the average price per square foot breaking the $1000 mark for the first time. Median home prices in Marin reached $1.8 million, up 10.4% from the same time last year, while the number of homes for sale was down 22% vs the same period.
We continue to see low supply and high demand pushing pricing higher and higher in Marin County. The majority of homes are going for well over the list price with multiple offers. While not the norm, there have recently been multiple homes throughout Marin selling for $1M and even as high as $1.7M over the list price!
Contingent offers are becoming a thing of the past as buyers realize they can not compete with contingencies for desirable homes. Those buyers who are financing their purchase are looking for ways to compete with cash offers which includes bridge loans and getting fully underwritten with their lender so they do not need a loan contingency and they are waiving the appraisal contingency. It is important to discuss the risks as well as the pros and cons of these strategies with your lender.
Mortgage Interest Rates Reach Two-Year Highs
According to this recent Bloomberg article, mortgage rates are now climbing at the fastest rate in three decades.The average rate on a 30-year conforming mortgage is now 5.09%. As homes become more expensive to finance, this is expected to have a cooling effect on the national housing market. However here in Marin, so much of our market seems to be fueled by the booming stock / tech market so it remains to be seen what will happen here. There are many cash buyers here.
What’s Happening in My World
I am pleased to announce that my Eichler at 684 Blackberry Lane in San Rafael closed for $101,000 over asking last month, selling in just one week. It was a pleasure working with my sellers on this home and I am very happy for the new owners. It is truly a lovely neighborhood.
COMING SOON:, I have an off-market listing at 1009 San Anselmo Avenue in San Anselmo that will be launching this week. This property will not be on MLS. It is a beautiful 4 bed/2 bath vintage home on a level lot with walk to town convenience. More information will be coming later this week.
I also have a great remodeled 3 bed/3 bath home with a pool in Novato just next to the Country Club area that will be coming on the market in May.
In addition, I’m working on a stunning mid-century modern home with a pool and views in San Rafael that is being completely remodeled. This co-listing will also be coming in May. Watch this space or call me at 415-847-5584 for details.
How Can I Help?
These market reports are a great place to start, but let’s continue the conversation. I am always happy to discuss the market and the best way to approach buying or selling a home in Marin County or the greater Bay Area. Call or text me anytime at 415-847-5584.
Check Out My 2022 Sizzle Reel!
From the Golden Gate Sotheby’s Market Report…
SALES VOLUME ABOVE PRE-PANDEMIC NORM
SF Bay Area sales volume began to rebound late in the first quarter, with total sales reaching roughly 10,400 homes, a decrease of nearly 11% from the previous year. While overall sales were lower this year than 2021, when compared with the pre-pandemic period, quarterly sales were up 21% over 2019, highlighting continued strong demand for homes. In January and February, the pace of sales slowed as limited inventory, rising mortgage rates and seasonal factors conspired to constrain buyers. By March, purchase activity accelerated as inventory began to loosen. The greatest slowdown of sales during the first quarter occurred in Marin and Santa Cruz counties; however, monthly sales accelerated in March in every county in the SF Bay Area.
INVENTORY INCREASES SLOWLY
Underlying the increase in sales activity was greater availability of homes throughout much of the region. Even as affordability plummeted, the most substantial constraint on purchase volume was a lack of inventory. By the end of the first quarter, inventory increased to roughly 3,700 homes, the third consecutive month of rising inventory levels. Inventory recovered on par with one year ago, yet remains well below the recent peak during the summer of 2021.
The rise in inventory was not evenly distributed throughout the SF Bay Area, with three counties generating the entire increase. For-sale inventory increased in Alameda, Contra Costa and Solano counties compared with the previous year, while listings fell in all other counties.
For-sale inventory should continue to increase, albeit remaining far below typical levels, as more existing homeowners seek to capitalize on accrued home equity. Anecdotal evidence also points to an increase in marketed homes in the coming months, helping to alleviate some of the pent-up demand but not likely to impact pricing trends. The spring and summer buying seasons are poised to build upon gains of the last year, with an uptick in sales volume while pricing sets new records.
What My Clients Are Saying…
684 Blackberry Lane | San Rafael
Beautifully Remodeled Eichler with Stunning Lucas Valley Views
Sold in One Week for $1,996,000 — $101,000 Over Asking Price
Marin Real Estate Market Stats
Marin County Real Estate Market Report Charts
(click any slide to enlarge & launch slideshow)
“For Sale” vs. Sold Home Prices vs. Median Home Prices
Marin Home Prices List Price vs. Sold
Marin County Months of Inventory Based on Closed Sales
Average Price Per Square Foot
Marin County Number of Homes on the Market
I hope you have found my Marin County Real Estate Market Report informative. Please feel free to add your comments, questions or suggestions in the comments section below. If I may be of any assistance in helping you attain your real estate goals, please call or text me at 415-847-5584 and I will be in touch right away.
This handy calculator is a great place to start. Then give me a call at 415-847-5584 and let’s discuss.
Would you like to see this data for your town only?
I am also excited to announce that my website now has new real estate market reports by town with more coming soon. Please check these out:
These are all accessible from the “Market Reports” menu item here on my website at any time.