Marin County Real Estate Market Report
August 2023
Marin Real Estate Market Report
August 2023
July brought us the first year-on-year increase in the median home price in Marin County in quite some time. After months of falling, we saw the median home price increase to $1.73 million, up 1% versus July of 2022. Homes on the market are taking longer to sell, with the days on market almost doubling to 40 days on market average. Inventories remain tight, with 324 homes for sale, down 27% versus the same month last year.
The combination of rising mortgage rates, low housing inventory and tighter mortgage underwriting by mortgage lenders constrained many buyers in the Bay Area. This is also the summer of “revenge travel” where many are out of the country enjoying their first vacations in years. I personally just returned from Japan and Thailand, my first visit to Asia since 2019.
What’s Happening in My World
I just announced a pricing improvement at 115 Oak Drive in San Rafael in partnership with Global Estates. This is an amazing 3 BR/2BA home plus a separate guest cottage located in a hidden coastal enclave and is now offered for $1,940,000.
I am launching a beautifully remodeled turnkey waterfront condominium in the coveted Sunrise Pointe community in Mill Valley. This 3 BR/2.5 BA home has just been beautifully remodeled and has views from almost every room. It is being offered for $2,195,000.
I am also launching a great 3 BR/2 BA single-level home in Novato on Cambridge Street next week. This home features hardwood floors throughout with updated kitchen and baths. A perfect starter home or a home for those who are looking for single-level living.
After Labor Day, I also have a stunning Mill Valley home launching with panoramic views. Stay tuned – you won’t want to miss these spectacular homes! Please call or text me for details on any of them.
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.
Check Out My Sizzle Reel!
From the Golden Gate Sotheby’s Bay Area Market Report…
RESILIENCE DESPITE HEADWINDS
As the summer progressed, stronger headwinds emerged helping to moderate housing market activity. The combination of limited inventory and higher mortgage rates, with the addition of tighter underwriting by mortgage lenders, conspired to constrain many buyers across the SF Bay Area.
The regional economy remained robust, with an unemployment rate in the low-3% range and nearly 115,000 jobs created thus far in 2023. The resilient economy continued to support home values and purchase activity throughout the region.
OVERALL VOLUME SLOWS
Sales volume slowed modestly in July, to nearly 3,300 units across the SF Bay Area. Compared with the previous month, approximately 15% fewer homes transacted. Few homes available for sale continued to constrain buyer activity as did a modest uptick in mortgage rates. Additionally, the start of the academic year earlier in many school districts may have an effect on historical seasonal patterns. During the last few years, the peak selling months shifted to the early part of the summer, allowing for families to move prior to the start of a school year.
VARIATIONS BY PRICE RANGE
By price range, homes priced greater than $3.5 million slowed the most in July compared with June. Though sales were down throughout all price ranges, volume for sales less than $1.25 million decreased by the smallest amount. The number of closed home sales fell in all counties, with the exception of Napa County. The largest declines in sales were in San Francisco, San Mateo and Santa Clara counties.
LOOKING AHEAD
The SF Bay Area housing market has so far proved to be resilient, though sales activity may be constrained further through year-end by tight mortgage lending conditions. Potential buyers remain in the market, seeking the right homes for their families, particularly within the inner
SF Bay Area and prime suburban neighborhoods. The relatively small number of homes for sale will concentrate buyers, helping some homes to sell for more than the list price. Through the remainder of the year, expect buyers to remain resilient and pricing may stabilize near current levels.
What My Clients Are Saying…
Just Listed
115 Oak Drive | San Rafael
Sophisticated Gem Located in Hidden Coastal Enclave
Exclusively Offered for $1,940,000
Just Sold
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
“What Thomas Henthorne brings to the table is truly priceless.
We have had the sheer pleasure of working with Thomas for two home sales. Most recently a waterfront condominium that had not been updated since it was built in 1976. He saw the potential and used his vision, attention to detail and magic to orchestrate a cost-effective renovation that turned out spectacularly. And this was accomplished expeditiously despite the post pandemic supply and workforce challenges. Thomas worked tirelessly for us, was always available to us, and always seemed to enjoy going above and beyond. We sold within days of listing well over asking price to a highly qualified buyer. Thomas makes dreams come true. He is a joy to work with.
With his endless productive and calm energy, and good spirit, Thomas makes it look easy. Like a Olympic Decathlon Gold medalist. Thomas listens and works with you as team. His tremendous knowledge of the market is spot on. It is amazing to witness his passion, pride and joy in his work. At the end we stood in awe at what was accomplished with a smile on our faces. If this sounds is too good to be true just read his other testimonials.” — Mia and Tom
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.
Wondering If You Should Buy or Rent?
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:
Belvedere Real Estate Market Report
Corte Madera Real Estate Market Report
Fairfax Real Estate Market Report
Kentfield Real Estate Market Report
Larkspur Real Estate Market Report
Mill Valley Real Estate Market Report
Novato Real Estate Market Report
San Anselmo Real Estate Market Report
San Rafael Real Estate Market Report
Tiburon Real Estate Market Report
These are all accessible from the “Market Reports” menu item here on my website at any time.
About the Author
Thomas Henthorne is consistently top-ranked, award-winning real estate agent in Marin, helping people buy and sell homes for almost a decade. He writes the #1 real estate blog in Marin County and is a frequent speaker on panels at industry gatherings.
He may be reached at 415-847-5584.
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