Marin County Real Estate Market Report
Pictured: 21 Bracken Court in San Rafael
Marin County Real Estate Market Report
In further evidence that the market is slowing from its frenzied peaks, we saw the median home price in Marin County decline 3.4% versus the same time last year to $1,754,000. Homes took longer to sell in August, up 7% to an average of 32 days. There were about 36% fewer homes on the market, perhaps reflective of all the people on vacation last month. It seemed like all my friends and clients were in Portugal!
We also saw the national real estate market begin to cool, with interest rates hitting 6% for the first time since 2008.
What’s Happening in My World
I just launched a gorgeous waterfront top-floor 2 BR/2BA condominium in Tiburon at 4 Greenwood Cove Drive. Listed for $1,275,000, this rarely-on-the-market configuration boasts panoramic water views and generously sized bedrooms.
21 Bracken Court in San Rafael is now available. It’s a spectacular 4 BR/3 BA home in the Peacock Greens neighborhood of San Rafael. Offering over 4,100 square feet of living space on a private, level lot, this stunning home boasts an open floor plan with a large eat-in kitchen and expansive great/media room. Exclusively offered for $3,225,000.
Be sure to check out the newly-improved pricing for my listing at 26 Woodside Way in Ross. This breathtaking modern retreat in Ross was newly-constructed in 2019 and offers privacy, views and grandeur in a tranquil, bucolic setting. The price was just reduced by $1M and is now exclusively offered for $5,995,000.
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…
Sales volume began to recover from last month’slow, though the combination of higher mortgagerates and home prices continued to constrain sales activity. In August, nearly 4,100 homes sold throughout the region, an increase of 9% from the previous month but still much lower than one year ago.
The pace of sales for modestly priced homes recovered more than higher priced homes, as sales priced less than $1.25 million increased by roughly 14%. The number of homes sold for more than $5 million decreased for the third consecutive month, the only price tier to do so. With continued volatility in equity and secondary markets and few IPOs in the first half of the year,the luxury home segment slowed in many cities throughout the SF Bay Area.
LESS COMPETITION MEANS FEWER HOMES SELL AT PREMIUM
Overall, the decrease in buyer competition led to fewer homes sold at a premium to the asking price. In August, roughly 40% of homes sold did so for more than the list price, the first time less than half of homes sold at a premium since early 2020. The only county where the majority of homes sold above the list price was San Francisco, where 72% of homes were sold at a premium. While the share of homes sold above the asking price declined in all counties, San Mateo County outpaced its neighbors as its share fell by 30%. By price range throughout the region, more homes priced between $750,000 and $1.5 million sold at a premium than other price tiers, highlighting that competition for relatively affordable homes remains elevated.
Though market conditions have slowed from the frenzied pace early in the year, buyer demand persists despite the increased mortgage rates. The initial shock of higher mortgage rates and concerns of the economic health of the region may have begun to dissipate as sales volume trended higher, raising optimism for the housing market to rebound during the next few months. The recent increase in inventory will help bring a better balance to the market, where potential buyers are not discouraged by a lack of viable options or getting outbid multiple times. This rebalancing may continue through the end of the year, but will ultimately lead to a healthier for-sale housing market.
What My Clients Are Saying…
4 Greenwood Cove Drive #F | Tiburon
Spectacular Top-Floor Waterfront Condominium in Tiburon
Exclusively Offered for $1,275,000
21 Bracken Court | San Rafael
Spectacular Peacock Greens Estate on Private Level Lot
Exclusively Offered for $3,225,000
26 Woodside Way | Ross
Breathtaking Modern Retreat in Ross
Newly-Constructed in 2019
Newly Improved Pricing at $5,995,000
118 Chula Vista Drive | San Rafael
A Mid-Century Modern Dream Home Reimagined for the 21st Century
Sold in 3 Days for $2,480,000 — $85,000 Over Asking
21 Edgewood Way | San Rafael
Beautiful Contemporary Home Offering Panoramic Views in Coveted Fairhills
Sold for $2,135,000
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.