Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

Marin County Home Prices October 2023 -- They're NOT Crashing

Name: Marin County Home Prices October 2023 -- They're NOT Crashing
Uploaded: 2023-11-15T02:00:21+00:00
Duration: 54 s
Channel: Austin Klar
Description: In this market update, Austin Klar explains that the Marin County housing market remains strong despite higher interest rates because of extremely low…

15 Nov 2023 · 1 min

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In this market update, Austin Klar explains that the Marin County housing market remains strong despite higher interest rates because of extremely low supply. Inventory fell to under two months, meaning all homes on the market could be sold in less than two months if no new listings appeared. While supply contracted, the average days on market rose slightly in October compared to September, a typical seasonal slowdown in suburban fall markets. Prices continued to rise for the second consecutive month, both in nominal terms and when adjusted for inflation, reflecting the pressure of low inventory. Klar notes that days on market was the only metric that slowed, and he expects demand to strengthen further as interest rates begin to decline. He ends by encouraging viewers to follow him for future Marin County housing updates.

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The Marin County housing market continues to show signs of strength even in the face of higher interest rates because of extremely low supply. In October, monthly supply of homes dropped back down to, to below 2 months of inventory, meaning if no new homes came to market, it would take less than 2 months to sell out of all existing homes on the market. And you see that trend in the yellow graph up top. Now what's interesting is that even though supply shrunk, homes stayed on the market a little bit longer in October than in September. And you can see that in the orange graph at the bottom. That's not unusual for the fall market out in the suburbs. You usually see a little bit of a burst of activity in September post-Labor Day, and then it really pulls back October, and you're going to continue seeing that heading into the end of the year. Unfortunately for homebuyers, days on market are pretty much the only thing that slowed down last month. Prices on an absolute basis, which you can see in the red graph in the middle there, and on a perfect basis, which you can see at the blue graph at the bottom, rose for the second month in a row. Because at the end of the day, supply is really low and demand is only going to get stronger as interest rates start to come down. Follow me for more Marin County housing market updates.