Austin Klar breaks down Marin County's February 2024 housing market as interest rates climbed above 7%. Inventory ticked up slightly and homes sold faster, but the market remains tight: homes fetched 98% of list price, up from 94% the month before.
Interest rates crossed 7% again in February, and that had a noticeable impact on demand for single-family homes in Marin County, but it's so supply constrained up there, it didn't really kill prices. As you can see in the top graph, absorption rates based on pending sales, basically what percentage of available inventory is getting into contract, was 62.8% in February, down from 68.9% last month. And monthly supply of homes, basically how long it would take to sell out of all existing inventory, actually increased from 1.5 months in January to 1.6 months in February. Barely an increase, but any increase in supply at all is very welcome in a market as constrained strained as Marin. Even though demand wasn't as high in relation to supply, as you could see in the bottom graph, days on market fell by almost 2 weeks from January to February, and homes were getting on average 98% of their list price compared to 94% last month. So even though demand slightly dipped, there's still more than enough demand to satisfy existing supply in Marin County, which is keeping pressure on home prices. Follow me for more Marin County housing market updates. Follow me for more Marin County housing market updates.
