Marin County Real Estate Market Report

March 2023

The Marin real estate market continued to slow with the median home price down to $1.2mm in February, down 8% compared to February 2022. At the same time, the number of homes on the market is down 50% compared to the same time last year as some sellers wait on the sidelines hoping for a return to the boom market that took off during the early stages of the pandemic. Typically March is the start of the big spring real estate season and instead of a flood of new listings we are seeing just a trickle.

The homes that are on the market are taking longer to sell, with days on market up 52% to 51 days in February. Buyers, faced with rising interest rates and roiled by recent tech layoffs and bank failures, are taking their time making their decisions on the whole. However as you will see below, my two listings went into escrow quickly.

The market may accelerate in April/May as buyers who need to get their kids in school for next fall decide they need to make a move before the summer vacation season. Faced with lower inventories than last year, which was lower than the year before, buyers may again push pricing upwards. Time will tell but I am seeing increased buyer activity so far in March particularly in the $1M to $3M range. I have recently seen several properties that were well presented and well priced sell quickly and often over the asking price with multiple offers including my two most recent listings. While these homes may not be getting the peak prices of Spring 2022, active buyers activity which is up is a big improvement from the last half of 2022. 

Price reductions are still part of the landscape, particularly in the higher-end market so I would say it is still a mixed bag overall with more positive signs for the low to mid-priced market and more challenges with the high-end market.  There are many variables at play particularly given the uncertainty of the banking situation so it is difficult to know exactly how the spring market will fare overall. 

Tech Layoffs Continue

As I type this, Meta (Facebook’s parent company), announced an additional 10,000 layoffs as they respond to lower advertising revenue and a staffing model based on continuous growth. So far the Bay Area, with record low unemployment, has been able to absorb the tech layoffs, but at some point they will have an effect.

Buyers Continue to Leave the City

It is no secret that San Francisco has been struggling with increased crime and decreased quality of life in the past couple of years. While some areas seem to be improving, many of my friends  who live there are getting fed up. Most of my buyers are from the city now, attracted to the security and serenity (not to mention the beauty!) of Marin County.

My World: Just Listed and Just Sold!

Since last month’s Marin real estate market report I have launched two listings, both of which went into contract within three days of going on the market. More on that next month after they close.

10 Washington Avenue in San Rafael is a bespoke 3 BR/2 BA Spanish-Mediterranean property with exquisite gardens and a separate 1 BR/1BA guest cottage. Both are listed on vacation rental sites and generated nearly $180,000 in gross income in 2022. Exclusively offered for $1,595,000.

I also launched 1141 S.Eliseo Drive in Greenbrae. I worked with the sellers to completely renovate this 2 BR/2BA top-floor condominium with panoramic views and elevator access. Exclusively offered for $1,250,000.

Both properties went into escrow quickly. Even in this rainy, slower market, well-presented, well-priced and well-marketed properties are likely to be snapped up by buyers.  

Further reading: “Home sales spike 14.5% in February as the median price drops for the first time in over a decade”

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.