Marin County Real Estate Market Report
June 2023
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.
Check Out My Sizzle Reel!
From the Golden Gate Sotheby’s Bay Area Market Report…
SIGNS OF A FRUITFUL SUMMER
Throughout the region, housing market activity continued to emerge from a difficult start to they ear. Closed sales and listings improved, a sign that the summer may produce further gains as potential buyers adjust to higher borrowing costs.The regional economy remained relatively strong even as layoffs and a difficult venturecapital environment constrain the primarygrowth engine of the SF Bay Area. While the unemployment rate ticked up, net hiring remains positive with nearly 75,000 jobs created year-to-date. Though economic volatility may continue, job creation through the remainder of the year will help to support the housing market.
SALES ARE UP
The number of closed home sales increased tomore than 3,900 units in May, the highest levelsince last September. Compared with April, salesvolume accelerated by more than 30%, thoughaggregate sales remain below the level of one yearago. Sales increased in all counties throughoutthe SF Bay Area from last month, a positive signthat more buyers are acclimating to the highermortgage rate environment. Additionally, salesof higher priced homes increased at a faster pace than mid-priced homes. Sales of homes priced greater than $2.5 million increased by 34% compared with April. In comparison, sales of homes priced less than $1 million increased by roughly 20%.
LOOKING AHEAD
The recovery in pricing along with accelerating sales provide optimism heading into the summer selling season. Steadily growing buyer interest in the inner SF Bay Area highlights the potential for a stronger recovery of neighborhoods closer to job sites and transit options. Though some buyers remain on the sidelines, the reductions in price in some neighborhoods during the last year has resulted in lower monthly payments even with the higher mortgage rates. Broader economic volatility and potential forfurther disruptions in the banking sector may impact local housing market conditions yet buyerd emand should remain positive through the remainder of the year.
What My Clients Are Saying…
Just Sold
10 Washington Avenue | San Rafael
Stunning Bespoke Spanish-Mediterranean Property with Exquisite Gardens and Separate Guest Cottage
Sold in 5 Days for $113,000 Over Asking
“After following Thomas and his blog for about 3 years we were finally happy (and ready) to bend his ear, receive counsel, and benefit from his real estate knowledge…start to finish this was just about the perfect match between our Marin property and his vision on how to market our family compound in San Rafael – detailed, organized, knowledgeable, Thomas worked hand in glove with us and produced a 5-day sale with a sales price way over asking in a tough Marin market. He knows how to real estate!” — Jeremiah and Rebecca
1141 S. Eliseo Drive | Greenbrae
Newly Remodeled Waterfront, Top-Floor Condo in Coveted Greenbrae Location with Panoramic Views
Sold in 5 Days for $75,00 Over Asking
“What Thomas Henthorne brings to the table is truly priceless.
We have had the sheer pleasure of working with Thomas for two home sales. Most recently a waterfront condominium that had not been updated since it was built in 1976. He saw the potential and used his vision, attention to detail and magic to orchestrate a cost-effective renovation that turned out spectacularly. And this was accomplished expeditiously despite the post pandemic supply and workforce challenges. Thomas worked tirelessly for us, was always available to us, and always seemed to enjoy going above and beyond. We sold within days of listing well over asking price to a highly qualified buyer. Thomas makes dreams come true. He is a joy to work with.
With his endless productive and calm energy, and good spirit, Thomas makes it look easy. Like a Olympic Decathlon Gold medalist. Thomas listens and works with you as team. His tremendous knowledge of the market is spot on. It is amazing to witness his passion, pride and joy in his work. At the end we stood in awe at what was accomplished with a smile on our faces. If this sounds is too good to be true just read his other testimonials.” — Mia and Tom
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.
Wondering If You Should Buy or Rent?
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:
Belvedere Real Estate Market Report
Corte Madera Real Estate Market Report
Fairfax Real Estate Market Report
Kentfield Real Estate Market Report
Larkspur Real Estate Market Report
Mill Valley Real Estate Market Report
Novato Real Estate Market Report
San Anselmo Real Estate Market Report
San Rafael Real Estate Market Report
Tiburon Real Estate Market Report
These are all accessible from the “Market Reports” menu item here on my website at any time.
About the Author
Thomas Henthorne is consistently top-ranked, award-winning real estate agent in Marin, helping people buy and sell homes for almost a decade. He writes the #1 real estate blog in Marin County and is a frequent speaker on panels at industry gatherings.
He may be reached at 415-847-5584.
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