Austin Klar breaks down Marin County's summer price decline as normal seasonal dip, not collapse. Supply remains tight with under two months of inventory, homes selling at 97% of list price, and days on market holding steady at 34.
Marin home prices continued pulling back in August, but it is not a sign of an impending market crash. It is just summer seasonality. As you can see in the top graph, which shows median home prices, prices typically peak in the spring, and that's exactly what they did this year. They peak in the spring, they pull back heading into the fall toward winter, and then they go back up heading towards spring each year, doing that same cycle over and over. You can see the exact same thing with prices per foot in the middle graph. Why isn't this a sign of a broader crash? Because of supply and how quickly things are selling. As you can see in the yellow graph in the middle, there is less than 2 months of supply of single-family homes in Marin, meaning it would take less than 8 weeks to sell out of all existing inventory based on how much demand there is. Days on market also fell in August, only 1 day from 35 days in July to 34 days in August, more than it was at this time last year, but still a very quick pace. And homes are still selling very close to ask, 97% of their list price in August. Follow me for more Bay Area real estate and reach out if you want more information.
