Lack of inventory – homes to sell – continued to be an issue last month, with the number of new listings down almost 60% compared to the same time last year. According to this article, this is not unique to Marin – new listings are down 40-50% throughout the San Francisco Bay Area. Pricing continues to march upward, with median home prices up 12% to $1.55mm compared to the same time last year.

Sellers on the Sidelines – Why?

So what is driving this? Sellers are sitting on the sidelines but why? Rising interest rates or the recent stock market volatility doesn’t explain this. It is the number one topic agents discuss when we get together.

One theory is that the market is “locked up” with sellers unable to find a place to buy, so they defer selling their homes. Since the housing issue is national, even my clients who are moving out of the Bay Area are stuck in the same cycle. I am not sure how this ends but I do believe that more inventory on the market will then create even more inventory if this cycle reverses.

What are your thoughts? Please add them in the comments section at the bottom of this post.

Have We Reached the Top of the Market?

We have been asking this question for several years now, as both the housing and stock markets continue to move upwards. However at the national level we are seeing some signs that the market may be easing. According to the latest quarterly report from the National Association of Realtors®, out of 183 measured markets, 67% of the metros reached double-digit price appreciation compared to 78% in the prior quarter.

If the conventional wisdom evolves to this being the top of the market, we may see many sellers on the sidelines decide to cash in. Time will tell.

Coming Soon – Stunning Eichler in Lucas Valley

I will be launching a stunning Eichler home in Lucas Valley in the coming days. It has been completely remodeled with many upgrades and features 4 bedrooms, 2 bathrooms and a beautiful back garden with stunning views of the Lucas Valley hills. Please call or text me 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.