Marin County Real Estate Market Report
Marin County Real Estate Market Report
The market continued to slow in January, with the median home price down 17% vs. January 2022 to $1.1 million. Days on market jumped considerably to 62, up 35%, while the months of supply of homes for sale nearly doubled from the prior month. There were 46% fewer homes on the market in January 2023 compared to January 2022.
These numbers definitely point to a market slowdown vs. the same time last year. Having said that, there are signs of increased activity. Many open houses this Superbowl weekend were very busy with serious buyers and some well-priced and well-presented homes in highly desirable areas have moved quickly and in some cases with multiple offers. Part of this is driven by a lack of inventory and pent-up buyer demand. It remains to be seen if this early level of activity will continue as more inventory becomes available in the spring market.
Tech Layoffs May Take a Toll
According to this article, the tech layoffs in the Bay Area have eliminated about 19,000 jobs since the middle of 2022. It is too early to know to what degree this will impact the Marin County real estate market in 2023. In addition, my friends in the tech world indicate that more layoffs are coming at some of the larger companies.
We also saw the average sale to list price in th overall Bay Area drop below 100% according to this article: https://www.sfchronicle.com/bayarea/article/bay-area-housing-list-prices-17770050.php
The article states this is the first we have seen this since 2012.
What does all of this mean? It’s hard to tell, but the much-anticipated and discussed market slowdown appears to be upon us. Having said that, the regional unemployment rate for 2022 was just 2.7%, and nearly 152,000 new jobs were created in the Bay Area, bringing new households to the area in need of housing.
Coming Soon from Thomas
Coming Soon: I have a great top floor 2 BR/2 BA top-floor condo (with elevator) in Greenbrae that has stunning water and Mt. Tam views. We are in the process of remodeling but it should be ready in early March.
How Can I Help?
NOW is the time to speak about any real estate plans you may have in 2023 whether buying or selling.Preparing a home for sale takes time as workers are still in short supply (though that is improving), and buying also takes some homework and prep that we should get started before the spring season begins. Let me 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…
SIGNS OF ECONOMIC STRENGTH
The new year began with optimism that the SF Bay Area housing market may accelerate. Greater stability of mortgage rates helped buyers adjust expectations and more qualified buyers entered the market. Similar to the housing market, the local economy is stronger than news headlines may seem. In 2022, nearly 152,000 jobs were created throughout the SF Bay Area, helping to attract new households to the region. Though tech sector layoff announcements gained steam in recent months, the regional unemployment rate closed the year at 2.7%, just off of matching the record low. The SF Bay Area economy is relatively strong, supporting broad demand for housing throughout all counties.
JANUARY SHOWS TYPICAL SEASONAL SLOWNESS
In January, aggregate sales totaled slightly more than 1,700. The pace of slowing from December was on par with previous years, highlighting that seasonal factors such as holiday spending and travel contributed to the slowdown. Though sales volume slowed in all counties, the smallest drops occurred in Santa Cruz and Sonoma counties while Marin County produced the largest decrease in January.
Housing demand remains strong throughout the SF Bay Area even as economic headwinds may push some potential buyers to the sidelines. The drop in pricing has led to a rebound in interest in many neighborhoods, a positive sign that sales volume may also begin to rebound. Continued stock market expansion and recovery of international travel to the SF Bay Area may help bring two important buyer groups, cash buyers and international buyers, back to the market. Stable mortgage rates will help activity to recover, yet will constrain the trade-up market. This will continue to limit new inventory and concentrate potential buyers on a limited number of homes for sale. If the local economy avoids a downturn, the remainder of the year could return positive results for the SF Bay Area housing market
What My Clients Are Saying…
6509 Heather Street | Yountville
Gorgeous Walk-to-Everything Bungalow in the Heart of Napa
Just Sold for $1,305,000
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.