Marin County Real Estate Market Report
In April we saw the market begin to rebound after a long and rainy winter, with about 20% more homes on the market compared to the prior month, and a 22% increase in the median sold price to $1.827 million. However compared to the same time last year, the median was down 8.6% and the number of homes for sale was down 35%, reflecting the continuing the trend we have seen year to date.
Buyers Are Beginning to Get Used to Higher Interest Rates
One of the things you hear a lot these days in the real estate world is “marry the home , date the rate” which means that a home is often a long-term investment while interest rates will rise and fall over the years. My buyers know that interest rates are more at historical “norms” than they were in the past several years, and hope to refinance if and when rates go down again.
However, according to the Golden Gate Sotheby’s bay area market report below, prices have dropped to compensate for the higher interest rates: “[The recent] drop in pricing means that the monthly mortgage payment at current rates for a median-priced home is less than the payment for the median-priced home one year ago.”
As I have been saying for several months, buyers and sellers cannot put their lives on hold indefinitely – and at some point they have to begin moving forward again after the shock of interest rate increases wears off. There are signs that is happening in the market now as we begin to see more activity.
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.
I can now announce that my listing at 10 Washington Avenue in San Rafael sold in 5 days for $113,000 over asking. My clients were lovely to work with and gave me a fabulous review which you will see in some of my upcoming marketing: ““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 1-day sale with a sales price way over asking in a tough Marin market. He knows how to real estate!”
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.
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From the Golden Gate Sotheby’s Bay Area Market Report…
SIGNS OF GROWTH
As spring emerged and the weather warmed, green shoots emerged in segments of the SFBay Area housing market. The stabilization ofmortgage rates during the past few months have led to increased buyer activity and provided a boost to home prices in many neighborhoods. The SF Bay Area economy continued to perform well despite new negative factors hitting the region in the last two months. The recent bank failures will curtail venture capital and other key segments of the economy while layoffs will impact workers across a range of industries. Yet, the regional unemployment rate is near the 3% mark and the labor shortage continues. While the regional economy faces challenges, the underlying strength of major employers may keep hiring trends in the positive for the remainder of the year.
STABILIZING RATES MITIGATE SLOWER MARKET
Sales volume slowed slightly in April as stressin the financial sector rippled through potential buyers. However, the modest decrease in mortgage rates from the peak earlier in the year helped to pull some buyers off of the sidelines, mitigating a deeper slowdown. Roughly 3,000 homes sold across the SF Bay Area compared with 3,100 the previous month. Sales decreased in most counties, though to a lesser degree in the inner SF Bay Area, with a few notable exceptions. In Marin County, closed sales increased by 29% in April, further signs of a stronger rebound in the county that slowed the most in January and February. Transaction volume also increased in San Francisco, where sales increased by 16% compared with March.
The spring buying season has generated some early signs of improvement in the SF Bay Area. Buyers are adjusting to higher mortgage rates and the drop in home prices in the last year have helped improve affordability. In fact, the drop in pricing means that the monthly mortgage payment at current rates for a median-priced home is less than the payment for the median-priced home one year ago. The greater affordability will help sales in lower pricing tiers as well as spur additional trade-up purchases at the higher end. Overall, the growing buyer demand will also prompt additional competition, leading to more homes likely selling above the list price. Sales volume may fluctuate throughout the year, but overall buyer demand should improve.
What My Clients Are Saying…
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.
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.