Marin County Real Estate Market Report
September 2023
Marin Real Estate Market Report
September 2023
The Marin County real estate market softened noticeably in August, with the number of homes for sale up vs. the same time last year and the median price down. The median home price declined 7.3% vs. August 2022 to $1,275,000 while days on market, the average time it takes to sell a home, increasing 25% to 50 days, from a low of 20 days in June of 2022.
Homebuyers in the SF Bay Area are facing multiple headwinds including continued tech downsizing, higher interest rates, and difficulty in obtaining homeowners insurance. I have mentioned the first two factors in many prior market reports, but want to highlight that even buyers with good income who are able to qualify for a mortgage face the additional challenge of finding affordable homeowners insurance. This has been exacerbated by recent actions by insurers to reduce their presence in California.
Having said that, 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 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 $1,940,000, a phenomenal value for this beautiful home.
I also just launched 1273 Cambridge Street in Novato, a lovely 3 BR/2BR home with a large, fenced backyard and newly-remodeled kitchen and baths.
I am currently working with a client on a great home in the Glenwood area of San Rafael that should be launching the week of 9/25. This home is being completely renovated and features 4 bedrooms, 3 baths and a beautiful swimming pool. Stay tuned for more details.
I am working with a number of buyers right now and just today got one of them into escrow on their dream home in San Rafael. I love that feeling!
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…
ECONOMY CONTINUES TO EXPAND
The SF Bay Area housing market stabilized in August, as home sales increased modestly. While economic headwinds may persist, the resilient regional economy continued to expand. The unemployment rate remained in the mid-3% range and more than 100,000 jobs were added through the summer. As more companies increase the amount of time employees spend in the office, demand for homes in the inner SF Bay Area should continue to increase.
AN INCREASE IN SALES
The number of homes purchased increased slightly in August, reaching roughly 3,400 homes sold across the SF Bay Area, an increase of 3% from July. The tight inventory and rising mortgage rates constrained buying activity in August even as the number of cash sales increased. Sales at the upper-end of the pricing spectrum increased at the fastest pace, with sales in the $3.5 million to $5 million range increasing by 14% while sales greater than $5 million increased by more than 50%.
In August, sales of homes priced less than $1 million increased by roughly 4%. The middle of the pricing tier was the weakest, with sales in the $2 million to $3 million range contracting by 10%. By county, sales trends varied somewhat, though nearly all improved from the pace of sales in July. The strongest monthly sales gains were produced in Alameda, San Mateo and Santa Clara counties, with the latter two counties increasing by double-digit percentages. While sales fell in San Francisco and Solano counties, the percentage drop was lower in August than in July, pointing to a stabilization of sales activity. Sales in Marin County declined the most, with roughly 27% fewer homes sold in August than the preceding month.
LOOKING AHEAD
The combination of high mortgage rates, limited inventory and some buyer hesitation constrained sales activity through much of the summer, yet the SF Bay Area housing market is poised to rebound heading into the final months of the year. With pricing stabilized, more potential buyers may return to the market from the sidelines as households acclimate to the current mortgage rate environment. Should the buyer pool deepen, competition for homes in prime neighborhoods will accelerate.
What My Clients Are Saying…
Just Listed
115 Oak Drive | San Rafael
Sophisticated Gem Located in Hidden Coastal Enclave
JUST REDUCED to $1,940,000
Just Sold
6018 Shelter Bay Avenue | Mill Valley
Beautifully Remodeled Sunrise Pointe End Unit Offering Waterfront Living at Its Finest
Sold in 5 Days for $2,200,000
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.
Wondering If You Should Buy or Rent?
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:
Belvedere Real Estate Market Report
Corte Madera Real Estate Market Report
Fairfax Real Estate Market Report
Kentfield Real Estate Market Report
Larkspur Real Estate Market Report
Mill Valley Real Estate Market Report
Novato Real Estate Market Report
San Anselmo Real Estate Market Report
San Rafael Real Estate Market Report
Tiburon Real Estate Market Report
These are all accessible from the “Market Reports” menu item here on my website at any time.
About the Author
Thomas Henthorne is consistently top-ranked, award-winning real estate agent in Marin, helping people buy and sell homes for almost a decade. He writes the #1 real estate blog in Marin County and is a frequent speaker on panels at industry gatherings.
He may be reached at 415-847-5584.
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