Shocking Trends in Marin County Real Estate - April 2024

Interest rates spiked in April to the highest level we've seen in 2024, and this had a noticeable impact on demand for single-family homes in Marin County. Monthly supply, which you can see the yellow graph up top, measures how long it'll take to sell out of existing inventory if no new homes came to market, rose from 1.2 months to 1.5 months. And absorption rates, which you can see in the green graph, which measures the percentage of homes actually getting into contract, dropped from 80% to 66%. Both of those metrics indicate weaker demand in relation to existing supply month over month and compared to the same time last year. And with that softer demand came lower prices month month over month, both absolute average and median prices fell, as well as average per-foot prices. But we are above prices that we saw at the same time last year, and those homes are selling on average faster than they did both last month and the same time last year, as you can see in the bottom graph. Follow me for more Marin County housing updates.