Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

Marin County Housing Market Update January 2024

Name: Marin County Housing Market Update January 2024
Uploaded: 2024-02-18T02:00:18+00:00
Duration: 44 s
Channel: Austin Klar
Description: In this market update, Austin Klar reports that competition for single-family homes in Marin County has intensified. Inventory of homes is lower than the…

18 Feb 2024 · 1 min

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In this market update, Austin Klar reports that competition for single-family homes in Marin County has intensified. Inventory of homes is lower than the same time last year and even below levels seen in 2020, 2021, and 2023. The absorption rate—the share of available homes that go under contract—is rising both month‑over‑month and year‑over‑year. Consequently, the number of homes receiving price cuts has declined, indicating stronger demand at current price points. Notably, 41% of homes received multiple offers, up from 27% in January of the prior year. Klar suggests the trend will likely continue if interest rates keep falling and encourages viewers to follow for future updates.

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Competition in Marin County for single-family homes is getting even tougher as there are less homes available today than the same time last year, and more homes that are available are getting into contract. As you can see in the top graph, the small black line on the left-hand side shows inventory levels so far this year compared to prior years, even lower than 2020, 2021, and 2023. Now, as you can see in the green graph at the bottom, the absorption rate, the percentage of homes available that are getting into contract, is up not just month over month, but up from the same time last year as well. And that's why the number of homes getting price cuts, the middle graph, is trending at lower levels than we saw last year. Demand is higher at these current price points. Over 41% of homes in Marin got multiple offers compared to just 27% January of last year. So competition is heating up. You should expect that trend to continue assuming interest rates continue to fall. Follow me for more Marin County market updates.