Marin County Real Estate Market Report
Pictured: 118 Chula Vista Drive in San Rafael (Just Listed and Sold!)
July 2022 Marin County Real Estate Market Report
We saw something in last month’s numbers that we have not seen in more than a year – the number of homes for sale and the months of inventory (how long it would take to sell all the homes on the market if no additional homes were listed) both increased versus the same time last year. There were 256 homes on the Marin real estate market in June – a 29% increase from last year and the most homes for sale in the past 14 months. The months of supply is up 82% to 1.1 months – again the highest supply we have seen in at least fourteen months. The median home price slowed its upward march but still posted a 6% gain to $1.9 million vs June of 2021.
Definitely a Shift in the Market
In last month’s report I referred to a “subtle shift in the Marin real estate market” and that is how I would continue to view it. We are not seeing a dramatic change – but perhaps a return to a bit more supply which in fact should temper the upward pricing pressure we have seen for several years in the latest cycle.
Sellers who were waiting for the market peak before selling their homes have missed it – at least for now – while buyers will find there is a little more inventory out there and will even see price reductions which had been rare or non-existent in previous years.
Having said that, we are still seeing some homes that are deemed highly desirable (for example, updated and move-in-ready, level outdoor space, good floor plan, etc.) go over asking.
Read more about the local market dynamics in this recent article from the SF Chronicle: https://www.sfchronicle.com/bayarea/article/Bay-Area-home-sales-dropped-and-prices-slid-in-17313110.php
What’s Happening in My World
Last month I launched and sold 118 Chula Vista Drive in San Rafael with my colleague and friend Nick Svenson. I cannot yet announce the sales price but suffice it to say there was a lot of interest and it went into contract quickly over the asking price. It is a beautifully remodeled home with gorgeous mid-century architecture and lovely views of the bay.
I also launched and sold 21 Edgewood Way in San Rafael, which is now in pending status. This is a lovely home in the Fairhills neighborhood with stunning panoramic views.
My spectacular listing at 26 Woodside Way in Ross is available and easy to show. This gorgeous home was newly constructed in 2019 and is located on one of Ross’ most coveted streets.
I have a great home coming soon in the Peacock Greens community of San Rafael. This home is over 4,100 sq ft on a large level lot located at the end of a quiet cul-de-sac. Stay tuned for more 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.
Check Out My 2022 Sizzle Reel!
From the Golden Gate Sotheby’s Market Report…
MORE HOMES AVAILABLE FOR SALE
As buyer sentiment began to slow towards the end of the quarter, the corresponding impact on the market was evident. The number of homes listed increased, particularly in the second half of the quarter, as absorption slowed. By June, active listings totaled approximately 7,000 homes, the highest level since 2019.
The combination of slowing buyer activity and seasonal uptick in new listings that occurs each spring, not to mention a growing number of sellers looking to take advantage of built-up home equity, drove the rapid increase in the number of homes available. The average home sold during the quarter was listed for roughly 18 days in June, up nearly four days from April and May. Homes are spending more time on the market and, when selling, tend to receive fewer offers than sellers could expect earlier in the year.
MORTGAGE RATES AND STOCK MARKET IMPACT DAYS ON MARKET
While the average list time increased throughout all price ranges, the impact was particularly pronounced for the most affordable homes as well as several higher price ranges. The average time on the market for a home priced less than $750,000 increased to more than 25 days, from roughly 20 days just a few months ago. The increase in mortgage rates and home values reduced the buying power of potential buyers in this range, sidelining some buyers.
The average time on the market for homes in the $2.5 million to $5 million range also increased at a similar pace. The losses in the stock market, combined with a growing number of layoffs in the tech sector and venture capital tightening, tend to have an outsized effect on this price
What My Clients Are Saying…
118 Chula Vista Drive | San Rafael
A Mid-Century Modern Dream Home Reimagined for the 21st Century
Pending Sale – Price To Be Announced
42 Red Hill Circle | Tiburon
Closed for $2,300,000 — $225,000 Below Asking
26 Woodside Way | Ross
Breathtaking Modern Retreat in Ross
Newly-Constructed in 2019
Exclusively Offered for $7,395,000
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.