Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

The Marin County Housing Market Is Finally Slowing Down

Name: The Marin County Housing Market Is Finally Slowing Down
Uploaded: 2024-08-13T00:00:00+00:00
Duration: 59 s
Channel: Austin Klar
Description: In this July 2024 market‑update video, Austin Klar reports that the Marin County housing market has noticeably slowed compared to the previous summer…

13 Aug 2024 · 1 min

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In this July 2024 market‑update video, Austin Klar reports that the Marin County housing market has noticeably slowed compared to the previous summer, though inventory remains low and demand stays high, keeping prices from dropping. He explains that the monthly supply of homes—how many months it would take to sell all existing listings without new ones—rose to about two months, the highest level since January 2022. Absorption rates, the share of available homes that go under contract, fell from 64.4% in June to 50.8% in July, a decline even lower than July of the prior year. Inventory growth was minimal, with only 40 additional homes on the market versus the same period last year, and for the second consecutive month more homes entered contract than were listed, causing real‑time inventory shrinkage. Klar concludes that a substantial increase in inventory and a sharp drop in demand would be required to trigger price declines, which he deems unlikely, especially as interest rates are expected to ease. He invites viewers to follow him for further housing market updates.

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The Marin County housing market has slowed way down this summer, especially compared to last summer, but inventory is still trending down. Demand is still incredibly high, which means, sorry, prices aren't going to crash anytime soon. The monthly supply of homes, basically how long it would take to sell out of all existing inventory if no new homes came to market, reached 2 months, as you can see in the yellow graph up top, and that's the highest level it's been since January of 2022. And absorption rates in the green graph, basically the percent of available inventory getting into contract, fell from 64.4% in June to 50.8% in July, which is less than July of last year. Typical for what we see in the summer with things slowed down and inventory hasn't really risen all that much. Only 40 more homes on the market last month compared to the same time last year. And for the second month in a row, there were actually more homes getting into contract than were coming to the market. So overall inventory was shrinking in real time. You need a lot more inventory growth and a lot less demand to get really concerned about downward price movement. And that's going to be really tough, especially as interest rates come down from their highs. Follow me for more housing market Updates.