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It looks like the interest rate cuts to mortgages helped sales in Marin County in September, as the number of sales went up 14.9% – let’s call it 15%! Pricing went up across the board, as average sales price (up 5.1%)and median sales (up 6.2%) both increased.
September is usually a strong month for real estate sales in Marin as families return from vacations. But those kinds of increases are unusual, and we believe mortgage rates hitting 6% or less drove it.
Currently though, things are slowing down a bit. Inventory continues to be strong, with 759 homes for sale in Marin County. Only 24% of those homes are in contract right now, which is technically a buyer’s market. That means Buyers have a little more leverage than they typically do.
The three price categories we track are all Buyer’s Markets as well. Under $1,000,000, 28% of homes are in contract. From $1,000,000 to $3,000,000, 24% of homes are in contract. And from $3,000,000 + , 17 % of homes are in contract.
We tried to break sales down by market analytically, but there are no real trends evident geographically. But on a qualitative basis, based on what we hear in sales meetings and q quick review of MLS, it is location and condition dependent .
As is typical lately , homes in great shape, where little work is required, and in good locations, tend to move quickly and at a premium. As one agent said in our sales meeting today, “Today’s buyer does not want to do any work.” That’s quite a change from when we bought our home – we are still doing work on it!
Initial October numbers from a pricing standpoint still look pretty good, with homes closing recently at 102% of list price.
Numbers for September are shown below.
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