Marin County Real Estate Market Report
The big story in the Marin Real Estate market so far this year is that new listings are down significantly from the same time last year as the median home price continues to decline. In March the median sold price was down 12% to $1.2mm compared to March 2022, while there were only 261 homes on the market, down 45% from the same time period. However, homes that are well-prepared and presented and priced for our current market are still selling quickly and in many cases are going for over the asking price.
We are still seeing some price reductions along with over-asking multiple bids which would indicate that some sellers are not pricing their homes appropriately for this market and/or not properly preparing their homes to attract buyers.
My condominium in Greenbrae sold last month in five days for $75,000 over the asking price. I had worked with the sellers to remodel the condo and the market responded well.
Where are the Homes for Sale?
I have been writing these monthly market reports for several years now, and it seems like until recently the story was always the same… the number of homes for sale was down while pricing moved up and up, with the median home price in Marin passing $2 million dollars last year. We continue to see lower and lower inventories versus prior year, but are now seeing some price erosion as well. As you will see in the bay area real estate market report below, overall we have seen a 16% decline in the median bay area price for Q1 2023 compared to Q12022.
Keep in mind, this time last year was the absolute height of our market so even with a 16% decline it is still a strong market for sellers, especially given the scarcity of homes on the market.
There are a lot of buyers out there now and open houses have been very busy. This includes first time buyers, empty nesters looking to downsize and families wanting to get situated before summer vacations and the start of the next school year. We also are still seeing a lot of buyers wanting to move to Marin from SF as well as the South Bay/Silicon Valley area since they are no longer tethered to a physical office. Because of the restricted inventory and the number of motivated buyers out there, sellers who are listing now are doing quite well in this current market.
What’s Happening in My World
As I mentioned above, 1141 S. Eliseo Drive in Greenbrae sold last month for $75,000 over asking in just five days. I have a similar story to tell for 10 Washington Avenue in San Rafael, so stay tuned for next month’s report.
I’m also thrilled to have gotten my wonderful clients into their dream home in San Anselmo. We made an offer on 17 Hillcrest Ave in San Anselmo just before it went on the market and were successful in getting it into escrow and closing in March.
How Can I Help?
While the market is shifting, there are many opportunities out there for smart buyers and sellers. Let me help pave the road to success for you!
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.
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From the Golden Gate Sotheby’s Bay Area Market Report…
PICKING UP SPEED AFTER A SLOW START
The year began slowly for the SF Bay Area housing market, but the pace of activity picked up towards the end of the quarter. The regional economy remained stronger than news headlines indicate, with nearly 35,000 new hires since the end of 2022. While the growing number of layoff announcements, particularly within the key tech segment, is worrisome, the unemployment rate remains lower than 3%.
The growing number of days that most workers spend in the office also contributes to greater economic vitality, ultimately leading to a greater rebound of housing demand in the inner SF Bay Area. In the first quarter, closed sales totaled less than 7,000 homes across the SF Bay Area. While this was one of the slowest quarters in years, the pace of sales accelerated by the end of the quarter with nearly 60% more sales in March than February. The smallest decreases in sales occurred in Napa and Solano counties, while Marin County produced the largest decrease compared with last quarter.
The collapse of Silicon Valley Bank caused tremors throughout the regional economy, yet the financial sector troubles also caused mortgage rates to come down from recent peaks. The drop in mortgage rates helped pull some buyers off of the sidelines as well as allowed more borrowers to qualify, helping to drive the sales pace higher by the end of March.
HIGHEST AND LOWEST TIERS FARE BETTER
Sales activity at the upper and lower ends of the pricing spectrum held up better, though sales declined across the board from last quarter. Within the $3.5 million to $5 million price range, quarterly sales dropped by roughly 16% from the fourth quarter, compared with a 24% decrease overall. The greater than $5 million range fared slightly better, with only a 9% decrease in sales. Within both price ranges, sales activity accelerated into March. In particular, monthly sales in the $3.5 million to $5 million range nearly doubled from February to reach the highest monthly total since last Fall.
PRICES APPEAR TO STABILIZE
The median price of homes sold in the SF Bay Area during the first quarter reached $1.1 million, roughly 6% lower than the fourth quarter, and approximately 16% compared to Q1 2022. However, following the price decline in January, the median price increased in both February and March. This trend, a low point for pricing in January and moderate increases in the median price since then, held in nearly all of the SF Bay Area counties. The first quarter tends to produce lower home prices as seasonal factors such as fewer people moving and households recovering from holiday spending impact buying decisions. The price increases towards the end of the quarter are a positive sign that values may have stabilized in most neighborhoods.
Though stress in the financial sector will have negative implications for venture capital and the tech industry, the modest drop in mortgage rates will help more buyers to afford a home in the SF Bay Area. As borrowing costs stabilize, more potential buyers may enter the market and employer expectations for more time in the office will entice some households to return closer to their workplaces. Though looming layoffs may dampen buyer demand in the coming months, a wave of foreclosures is not expected given the large amount of positive equity for most homeowners. Inventory will remain low due to few defaults as well as many homeowners locked into their existing mortgage given the current state of rates. The limited amount of for-sale inventory will help prevent steeper declines in pricing that may occur in other regions. Overall, single family housing conditions should continue to trend in a positive direction into the spring buying season.
What My Clients Are Saying…
10 Washington Avenue | San Rafael
Stunning Bespoke Spanish-Mediterranean Property with Exquisite Gardens and Separate Guest Cottage
1141 S. Eliseo Drive | Greenbrae
Newly Remodeled Waterfront, Top-Floor Condo in Coveted Greenbrae Location with Panoramic Views
Sold in 5 Days for $75,00 Over Asking
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.