Marin County Real Estate Market Report
Marin County Real Estate Market Report
Marin County bucked the SF Bay Area trend, registering as one of only two counties to see continued price appreciation in October vs. the same month last year. Median home pricing was up 4%, while the number of homes was flat to the same time last year. We did see the average home price decline close to 7%, indicating a softening at the higher end of the market.
Between a flagging stock market, increasing interest rates and significant layoffs in the tech sector, we are definitely facing some headwinds as we head into the winter. Typically the market slows down this time of year however buyers and sellers who are transacting over the holidays tend to be serious and goal focused – often due to a life change such as work relocation or change in marital status.
If you read the Bay Area market report below, you’ll see that the market is beginning to look a lot like the market of 2019 before the pandemic. Most agents and clients with whom I speak are a bit relieved to see a market that is feeling more normal and “in balance” than the fever pitch of the past two years. We will have to hope that the Federal Reserve’s “soft landing” works.
I continue to believe that Marin County is one of the best places in California if not the country to invest in real estate. Our natural beauty, great schools, proximity to San Francisco and Silicon Valley, and constrained housing supply bodes well for pricing appreciation in the future.
What’s Happening in My World
I am working with several clients preparing their homes for launch next spring, and am also working with buyers who are appreciating the cooling market. Buyers who became frustrated during the bidding wars earlier in the year are taking advantage of a market with less competition and more favorable terms.
This week is Thanksgiving, and I wanted to take a moment to express my gratitude to you, my friends and clients who have supported me over the years and continue to refer friends to me. I couldn’t do it without you! Wishing you a very happy Thanksgiving!
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 Bay Area Market Report…
STRONG ECONOMY, SLOWING MARKET
The SF Bay Area housing market slowed from last year’s record-setting pace, even as some pockets of resilience remain. The elevated pace of inflation, lackluster stock market and rise in announced tech firm layoffs have dampened some consumer optimism, yet the overall economy remained strong. The regional unemployment rate remained in the mid-2% range, with labor shortages throughout a range of industries. The strong labor market as well as high inflation have led to wage increases as well, helping some households to offset the rising cost of housing in the SF Bay Area.
Monthly sales slowed further in October, with roughly 3,400 homes sold in the region, a decrease of 13% from September. While sales are off from the record-breaking pace of last year, the monthly sales trend was close to 2019 levels. In October, counties with the largest decreases in closed transactions included Napa and Santa Cruz. Bucking the trend, sales increased in Marin and San Francisco.
HIGHER-PRICED HOMES LESS AFFECTED BY SALES DECLINE
After underperforming for several months, sales of higher-priced homes fared better than mid-priced homes. Though sales were down overall for the month, the drop in sales of homes priced between $2.5 million and $3.5 million and greater than $5 million slowed by the smallest amount compared to other pricing tiers.
PRICES FALL FROM SPRING PEAKS
The regional median price fell slightly, by 1% in October, to $1.215 million. Pricing throughout all sizes of homes has declined since the record-breaking levels during the spring, but have also held up relatively well if compared with one year ago. Since the peak pricing in early 2022, the median price has decreased by roughly 18%. A portion of the decline can be attributed to seasonal factors as purchase activity slows following the summer months, but higher mortgage rates have also dampened some buyer demand. Additionally, while the drop in pricing is substantial, similar pricing declines were produced in several cities throughout the U.S.
In spite of headwinds, the SF Bay Area economy is fairly strong and a return to the office for more companies will help to reverse the out-migration of households in recent years. Potential buyers will face multiple options, leading to less competition but also a healthier market overall. Purchase activity may be somewhat volatile in the coming months, particularly if mortgage rates rise further, but demand for homes will persist
What My Clients Are Saying…
4 Greenwood Cove Drive #F | Tiburon
Spectacular Top-Floor Waterfront Condominium in Tiburon
Just Sold for $1,260,000
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.