In May we saw inventory begin to recover from earlier in the year. While the number of homes for sale is still down 32% vs the same period in 2022, we saw a 14% increase vs. April and a 34% increase since March. The market seems to be adjusting to the more normal interest rates this year, with the pace of price reductions slowing as we enter the summer season. The median home price began to flirt with that $2 million price point again, climbing to $1.9 million.

A Long, Rainy Winter Seems to Have Delayed the Spring Season

Lots of agents are speculating on the market dynamic right now, but many of us “feel” that it is returning to a more normal pace than earlier this year. The stock market has recovered nicely and as of this writing is just a few points from “bull” territory, Washington has resolved the debt ceiling crisis through the end of next year, and interest rates seem to have leveled off. 

While the rainy winter and spring were great for the drought, they did not do the spring real estate season any favors. Now that the sun is out, so are buyers, and we are seeing some extremely competitive situations. 

As an example, 158 Alpine Street in San Rafael’s Sun Valley neighborhood was listed last month for $1,099,000 receiving 14 offers and selling for $1,510,000 an impressive $1500/sq ft.. While smaller homes tend to sell for a higher $/sq foot, this number is impressive nonetheless. While the home was small, it was beautifully remodeled, single-level- with a nice level lawn and was walking distance to the Sun Valley Playground as well as Andy’s Market.

The market continues to be a mixed bag. While we are seeing many homes getting multiple offers and going for over asking, we are still seeing price reductions and/or homes selling right around asking. 

What’s Happening in My World

I am talking with buyers and sellers now about their strategies for the remainder of the year as well as next spring. I have a number of exciting listings in the pipeline for this fall. The greatest challenge for sellers right now is finding a home to move into after they sell their current one. Even those who cast a wide net geographically are struggling.

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.