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Demand in Marin County real estate remains strong, despite a number of factors that would seem to be limiting the market.
New listings for the month were down 17% vs. last November, as many sellers are waiting out the interest rate crunch. Buyers however, are still relatively active, as sales for the month are up 3.5% vs. last November.
Inventory is declining, as it usually does this time of year. Right now there are 477 active listings, and 29% of them are in contract, so we are almost a technically balanced market.
The median sales price is down 4.88%, which is reflecting the pressure buyers are feeling from higher mortgages. Interestingly, the average sales price is actually up 5.7%, mainly because of a number of higher end sales – 9 listings in November closed over $5,000,000, one of which was in Belvedere for $12,750,000, 63 W. Shore Road. It was only 3,765 square feet (!) – but the views were unparalleled.
There are still plenty of houses that are lagging the trend however. Average days on market is now 51 days, up from 38 last year. The overall trend seems to be what we have seen the last few months: desirable home + good pricing + good neighborhood = fast sale. Overpriced homes sit. Buyers have access to more data than ever, and use it carefully to decide what to do, especially with the cost of mortgages as high as they are.
Year to date, we are very slightly ahead of 2023 in terms of actual sales, and pricing. Average sales price is up 3% , so if December is consistent with what we saw this month, we should have yet another year in Marin County in which sales and average price increases.
