Austin Klar breaks down Marin County's 2023 housing market: inventory hit just 1.1 months of supply, meaning homes would sell out in four weeks with no new listings. Median and average prices both rose through the year, and the absorption rate hit 88% in December as demand crushed the scarce supply.
The story of 2023 in the Marin County housing market was incredibly constrained supply. If you look at the top graph, the right side representing 2023, you can see the light green bars representing homes for sale, substantially lower than each of the last 3 years. And that constrained inventory over the course of the year kept upward pressure on prices. As you could see in the bottom graph, median home prices in blue, up December 2023 versus December '22. Average home prices, the red line, up December 2023 versus December 2022. And to put the supply constraint into perspective with relation to demand, you could see the top graph, monthly supply of inventory, how long it would take to sell out of all existing inventory. Reached a very low number, 1.1 months in Marin County. So it would take just 4 weeks for all existing inventory in Marin to completely sell out if no new homes came to market. Same story if you look at absorption rate down below in the green graph, reached a staggering 88% almost in December of 2023, up substantially from December of 2022. So bottom line, in Marin County, way more demand than existing supply, which is keeping upward pressure on prices. Follow me for more Marin County housing updates.
