Facebook
X
Pinterest
Copy Link
Marin County continues to defy national trends in real estate, as it almost always does. August sales were down slightly, at -3.6%, but pricing was up with average sales price increasing +14.5%. That is a significant one month increase.
Nationally, reports are that the market is in a stalemate. High interest rates are creating buyer resistance, and sellers are stubbornly holding on to their desired price. So not much is happening nationally.
But Marin just keeps on going. Inventory increased again this month. There are now 767 active listings, as lots of homes have come on the market after Labor Day. That is pretty typical in Marin County. Right now only 25% of those homes are in contract, which is considered a buyers market. We have not had this many available homes for sale in a long time.
Prices have been going up all year and sellers are pricing to reflect that when they list their homes. They are getting those numbers, but it is far less frantic than it has been in the past.
In reviewing recent sales for the County, from Sept. 1, the average sale to list price ratio is 98%, so buyers are paying on average 98% of the list price. So sellers are pricing higher, and buyers are coming up to meet that price. Of the 80 closed sales since Sept. 1, only 10 went over asking price. And we say “only”, knowing full well that anywhere else in the country that would be a big number! But that is lower than what we have typically been seeing.
So demand continues to be strong. And with mortgage rates down, we expect it to stay that way.
Screenshot
