Marin County Real Estate Market Report
Pictured: 4 Greenwood Cove in Tiburon
The market slowdown that began in the middle of this year continued in September, with the number of homes for sale in Marin rising from 346 to 449 and months of supply up 21% compared to the same time last year at 2.3. This means it would take 2.3 months to sell all the current inventory of housing at the current sales rate. Last year at this time Marin County was at 1.5 months. Median pricing did resume its upward climb,in line with the dynamic in the rest of the Bay Area. The median price rebounded to $1.8mm, up 5.4% from last year at this time but down from its high of $2.4 million last April.
According to this article in the SF Chronicle, the bay area leads a national record drop in luxury home sales, with the number of sales down about 50% from prior year while perplexingly, the median home price continues to march upwards double digits on a fewer number of sales. Sellers waiting for a “return to the boom” next year are likely to be disappointed, with the majority of economists now forecasting a recession in 2023.
What this means is that sellers will likely have to wait a little longer for buyers to make offers, and those offers may include contingencies and price reductions that we did not see during the market heights. What I call the Two P’s – Price and Presentation – will be more important than ever when marketing a home.
Buyers may find this market more attractive, but may also be wondering to wait to see if prices begin to adjust. Everyone’s situation is different and I am happy to provide advice based on yours.
What’s Happening in My World
I just sold my gorgeous waterfront top-floor 2 BR/2BA condominium in Tiburon at 4 Greenwood Cove Drive for $1,260,000.
I am beginning to work with clients on their buying and selling strategies for the busy spring season, which will be here before you know it. It’s never too early to discuss plans and I always have time for you.
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…
SIGNS OF ECONOMIC STRENGTH AMID SLOWING MARKET
While the Bay Area housing market slowed during the third quarter, the regional housing market fared better than some parts of thecountry. Despite curtailed hiring in the tech sector,the Bay Area labor market remained strong with elevated job openings throughout most industries. The unemployment rate fell to 2.6%, matching the low prior to the onset ofthe pandemic in early 2020. Wage growth also remained elevated, helping to offset some of the increase in housing costs from rising mortgage rates and recent price gains. The strength of the regional economy remains key to supporting demand for housing.
DEMAND REMAINS STRONG,ESPECIALLY AT LOWER END
Demand for housing remained elevated, despitehigher mortgage rates and concerns of aconsumer slowdown. Sales of the most affordable homes were on par with the second quarter, underscoring buyer demand in the face of rising mortgage rates. Similarly, sales of homes priced between $1 million and $1.25 million slowed only slightly. The largest decreases in sales occurred in the upper price tiers, particularly homes priced greater than $3.5 million where sales volume fell by roughly half from the second quarter.
For many buyers in this price range, losses in the stock market, still-closed IPO window and rising business expenses pushed potential buyers to the sidelines, at least temporarily.
BUYER COMPETITION EASES
Buyer competition slowed despite the persistent demand for affordable housing options. The higher mortgage rates as well as economic factors have sidelined some potential homebuyers, decreasing the level of competition. The share of homes sold above the asking price fell to 43%, the lowest share in two years. The final closing price was well above the list price for many of those homes, highlighting that well-positioned homes will still attract multiple offers. Homes priced in the $2 million to $3 million range took longer to sell, on average, than earlier in the year. Homes in this range sold very quickly in the first few months of the year, averaging less than two weeks on the market. By September,the average sale took nearly a month, more than double the amount of time.
Housing affordability will remain an issue for entrants to the market and available inventory may remain low relative to historical levels. Inventory constraints will remain, particularly as existing homeowners would take out a mortgage at much higher rates than their current mortgage. Should the Bay Area escape a ecession and substantial job loss, demand for single family homes and condos should persist throughout most price ranges.
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.