Marin County Real Estate Market Report
Marin County Real Estate Market Report
We saw a more normal seasonal pattern in November, with the number of homes for sale down significantly compared to earlier in the year as well as to last November. The median home price was up 11% vs. last year at this time to $1.57 million. Inventories are very low with just two weeks’ of inventory given the current rate of sales.
Typically the market goes into sem-hibernation during the December holidays, but last year was an exception as COVID-19 delayed the start of the market. I was closing deals all the way through New Year’s Eve – and grateful for the business.
Federal Reserve Poised to Raise Interest Rates
It sounds like we will see increasing home mortgage rates in 2022 given the improving unemployment numbers and the concerning inflation.
According to this CBS Marketwatch article, “The highest U.S inflation rate in nearly 40 years seen in Friday’s November CPI data, will prompt the Federal Reserve to begin raising its benchmark short-term interest rate sooner and higher than previously appeared to be the plan….Fed officials have been caught off guard by the pace of the acceleration in inflation and are staring at the risk of persistent price gains, said Josh Shapiro, chief U.S. economist at MFR Inc, in an interview.”
If you have not refinanced your mortgage, this may be a good time to look into it.
What’s Happening In My World
As I reflect upon 2021, it is with a sense of gratitude that I look at this past year, and a sense of excitement as we begin a new year. I was so very fortunate to represent some of the finest properties in Marin County this year, and work with the best clients. 2021 was my strongest year ever and I am eternally grateful to all of you for your continued support and referrals.
My duplex listing in San Rafael went into escrow quickly with a backup offer in place. I am working with a number of sellers to help prepare their homes for the spring season. Believe it or not, it’s not too early to begin thinking of the spring market. Whether you are buying or selling, let’s discuss the best strategies to set you up for success in what promises to be another competitive year in Marin county real estate.
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.
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From the Golden Gate Sotheby’s Market Report…
LIMITED INVENTORY IMPACTS SALES VOLUME
The housing market bucked typical seasonal patterns and strengthened into late fall. Even as buyer demand remained elevated, the volume of home sales slowed as a result of limited inventory.
Regional sales volume decreased by nearly 5% to approximately 5,200 homes in November. Despite the drop from the previous month, sales volume remained greater than one year ago.
Closed sales slowed the most in Marin and Solano counties, where the monthly tally fell by double digits. In fact, Marin was the only county where sales were lower than November 2020. Sales in Contra Costa County increased slightly, by 2%, from October. In Alameda County, sales slowed in the lower half of the pricing spectrum.
Conversely, in neighboring Contra Costa County, sales of homes priced less than $1 million
accelerated in November, highlighting the shift of households seeking more affordable options to inland neighborhoods.
The lack of housing inventory remains the greatest constraint for buyers throughout the
region. At the current pace of sales, existing for- sale inventory would be absorbed in a little more than two weeks. While higher home values will continue to prompt some owners to list houses for sale, pent-up buyer demand will outweigh these new listings.
With little housing supply on the horizon, pricing should continue to increase and the SF Bay Area will remain the most expensive housing market in the nation. The potential for mortgage rates to increase in the coming year is high, which may prompt some sidelined buyers to return to the market even as intense competition and ever-increasing prices fosters some buyer fatigue. The strengthening economy will also boost buyer confidence, potentially leading to new heights for the SF Bay Area housing market in the new year.
15 Milano Place | San Rafael
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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.