Marin County Real Estate Market Report
Marin Real Estate Market Report
The Marin County real estate market held flat in September, with the median price remaining at $1.475mm compared to the same month last year. Inventory continued to be a challenge with the number of homes available for sale down 9%. For the quarter ending in September, the SF Bay Area overall saw a drop in sales activity, with Marin and San Francisco leading the drop at 23%. This is to be expected given the much lower inventories in the same period.
Though sales fell throughout all price tiers, the largest drops were at the upper ranges. Sales of homes priced between $2.5 million and $3.5 million dropped by 13%, while sales greater than $3.5 million fell by 20% from the second quarter. Once again, Marin and San Francisco counties led the way with the largest drop in sales within the highest-priced tiers.
Having said that, last week I launched 40 Rodeo Avenue in Sausalito and it is not pending considerably over the asking price after receiving multiple offers. Mid-century modern homes are still in very short supply and face high demand, and this one had that special “x” factor of emotional appeal. Truly a special home.
My listing at 1273 Cambridge Avenue in Novato also went into escrow. While the market may be slower, homes that are priced and marketed properly are still selling, and some sell for over the asking price.
As I said last month, all is not doom and gloom, and in fact the market is moving towards a much more balanced scenario after years of being a seller’s market. Sellers may need to be a bit more realistic on pricing (price for today’s market, not last year’s market) and buyers may be able to extract pricing and/or term concessions when purchasing a home.
Check Out My Beautiful Listings
I just launched 23 Maplewood Drive in San Rafael’s Glenwood neighborhood. It is a newly-remodeled 4 BR+office / 3 BA home with a gorgeous swimming pool in a flat, fenced backyard that opens up to the park behind the house.. Truly a special home, it is offered for $1,995,000.
I just announced a pricing improvement at 115 Oak Drive in San Rafael in partnership with Global Estates. This is an amazing 3 BR/2BA home plus a separate guest cottage located in a hidden coastal enclave and is now offered for $1,795,000, a phenomenal value for this beautiful home.
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…
HOMEBUYERS ADJUST TO NEW NORMAL
The regional economy and housing market continued to forge ahead despite headwinds. While the further rise in mortgage rates constrains affordability for some buyers, signs continue to emerge that potential buyers are adjusting to the new normal of higher rates. The SF Bay Area economy continued to gain strength, with the unemployment rate still in the mid-3% range. A normalization of international migration to the region has added to housing demand. Though the SF Bay Area housing market is resilient, tragic geopolitical events may trigger new worries for housing demand should ripple effects such as volatile equity markets and higher inflation take hold.
BUYER ACTIVITY CONSTRAINED
Following the summer rebound, sales across the SF Bay Area continued to slow, totaling approximately 9,600 homes sold during the third quarter. This was a roughly 10% decline from the second quarter and down 18% from one year ago. The increase in mortgage rates combined with tighter underwriting and appraisals constrained some buyer activity. Compared with last quarter, only Santa Cruz County produced more sales, increasing by 4%. The largest drops in sales activity were in Marin and San Francisco counties, where sales during the third quarter fell by roughly 23%.
HIGHEST PRICE TIERS SEE LARGEST DECLINES
Though sales fell throughout all price tiers, the largest drops were at the upper ranges. Sales of homes priced between $2.5 million and $3.5 million dropped by 13%, while sales greater than $3.5 million fell by 20% from the second quarter. Once again, Marin and San Francisco counties led the way with the largest drop in sales within the highest-priced tiers. On the positive front, sales within the $1 million to $2 million range were flat to slightly higher in Alameda, San Mateo and Santa Cruz counties.
CONTINUED BUYER COMPETITION BOLSTERS PRICES
What My Clients Are Saying…
23 Maplewood Drive | San Rafael
Beautifully Remodeled Glenwood Home with Sparkling Swimming Pool and Fenced Backyard
Exclusively Offered for $1,995,000
115 Oak Drive | San Rafael
Sophisticated Gem Located in Hidden Coastal Enclave
JUST REDUCED to $1,795,000
40 Rodeo Avenue | Sausalito
Enchanting Mid-Century Modern Retreat with Breathtaking Panoramic Views
Multiple Offers – Selling Price To Be Announced After Close
1273 Cambridge Street | Novato
Single-Level Charmer With Beautifully Remodeled Kitchen and Baths
Selling Price To Be Announced After Close
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.