Marin County Real Estate Market Report
Pictured: 21 Edgewood Way in San Rafael (Just Listed and Sold!)
Marin Real Estate Market Report
The market shift that began a couple of months ago accelerated in July, with inventories increasing significantly as prices in the Marin real estate market begin to flatten out and in some cases decline. Homes that would have sold a few months ago with multiple offers for over asking are sitting on the market, and we are seeing more downward price adjustments than anytime in the last two years.
In July, we saw the number of homes for sale increase by 18.3% vs. July 2021, while the months of inventory (the time it would take to sell all the homes on the market at the current rate of sales) rose to a record 1.7 months. The median sold price, which has been trending up close to 10% a month, was almost flat to last year, up just one percent.
This is not a Marin-specific trend, but rather a bay area and national trend based on rising interest rates and an erratic stock market. Scroll down to see the full SF Bay Area market report. The highest price tiers saw the largest declines. In Contra Costa, Marin, and Santa Clara counties, in particular, sales activity plunged in the $3.5 to $5 million range.
What’s Happening in My World
My beautiful listing at 21 Edgewood Way in San Rafael closed for $2,135,000, while my listing at 118 Chula Vista Drive in San Rafael sold in three days for $85,000 over the asking price for $2,480,000.
There is newly-improved pricing for my listing at 26 Woodside Way in Ross. This breathtaking modern retreat in Ross was newly-constructed in 2019 and offers privacy, views and grandeur in a tranquil, bucolic setting. Exclusively offered for $6,995,000.
I am excited to announce my launch of 21 Bracken Court in San Rafael, a spectacular 4 BR/3 BA home in the Peacock Greens neighborhood of San Rafael. Offering over 4,100 square feet of living space on a private, level lot, this stunning home boasts an open floor plan with a large eat-in kitchen and expansive great/media room. Exclusively offered for $3,225,000.
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 Bay Area Market Report…
PRICE DROPS SEEN THROUGHOUT THE SF BAY AREA
The SF Bay Area median price fell in July by 7% to $1.265 million. This was the third monthly decrease since the record price set in April. The median price dropped in every county in July, the first time this occurred since early 2020 at the onset of the pandemic. The largest price declines last month occurred in San Francisco and San Mateo counties, while the smallest drop was in Sonoma County. Despite the decreases last month, the regional median price remains greater than one year ago in most counties.
HIGHEST PRICE TIERS SHOW LARGEST DECLINES
Sales declined throughout all price tiers, with the largest decreases in the higher-priced segments. In Contra Costa, Marin, and Santa Clara counties, in particular, sales activity plunged in the $3.5 to $5 million range. For the most affordable homes, particularly those in neighborhoods where price growth plateaued in recent months, sales activity slowed modestly. Compared with the previous month, sales of homes priced less than $750,000 throughout the SF Bay Area slowed by only 5%.
HOMES GENERALLY TAKING MORE TIME TO SELL
The slowdown in sales also translated into listed homes remaining available for longer periods. The average number of days on the market reached 23 days, an increase of nearly 5 days from June.
While the slowdown in real estate activity is clear, the underlying economic strength of the region combined with pent-up demand for housing may mitigate a deeper slowdown in the coming months. In fact, the slowdown in the SF Bay Area is not as severe as some other major cities.
The labor market should remain relatively tight, continuing to provide upward pressure on wages. The increase in available inventory is bringing the for-sale housing market back into balance, a trend that should continue through the end of the year. Potential buyers may find more suitable options while sellers will encounter fewer above list price offers, both of which are positive for the longer term health of the SF Bay Area housing market.
What My Clients Are Saying…
21 Bracken Court | San Rafael
Spectacular Peacock Greens Estate on Private Level Lot
Exclusively Offered for $3,225,000
26 Woodside Way | Ross
Breathtaking Modern Retreat in Ross
Newly-Constructed in 2019
Newly Improved Pricing at $6,995,000
118 Chula Vista Drive | San Rafael
A Mid-Century Modern Dream Home Reimagined for the 21st Century
Sold in 3 Days for $2,480,000 — $85,000 Over Asking
21 Edgewood Way | San Rafael
Beautiful Contemporary Home Offering Panoramic Views in Coveted Fairhills
Sold for $2,135,000
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.