What Happened to Marin County Home Prices? November 2023

The Marin County housing market continues to be incredibly supply constrained with no signs of an impending crash. New escrows are outpacing new listings, which you can see in the bottom graph, the red line and the blue line, and overall inventory is falling. And demand still remains strong in relation to that low supply. As you can see in the top graph, monthly supply is under 2 months, which means it would take less than 2 months to sell out of all existing inventory, barely a change from last month at 1.8. A buyer's market is typically anything over 6 months, so this is pretty heavily in seller's market territory. But the holiday season does present some opportunities. Most people who are selling during the holidays are selling because they really have to, and you can see see that play out with average and median prices at the top graph slightly softening month over month. But as you can see, these prices compared to last year's average and median, there really hasn't been much of a change. So if you were waiting all year for a home price crash in Marin, it didn't happen. And as you can see in the bottom graph, more evidence of slowing during the holiday season. Days on market up a little bit month over month, relatively in line with what we saw last year. And homes are selling on average for just under their ask price, also similar to what they were selling at this time last year. Follow me for more market updates.