Austin Klar breaks down Marin County home prices in July 2023. Average prices fell for two straight months and homes are sitting longer on the market, but nearly half still got multiple offers. He sees seasonal slowdown, not a crash.
The market for single-family homes in Marin County has definitely slowed down heading into summer, but the real question is, is this typical seasonal summer slowdown or is this a broader symptom of market conditions brought on by higher interest rates and economic uncertainty? The average sale price of single-family homes is down for the second month in a row, as you can see at the red graph at the top, and the average sale price per foot is also down for the second month in a row, which you can see at the blue graph at the bottom. And I think more evidence of slowdown, days on market is up for the second month in a row, which you can see in the orange graph at the bottom. Monthly supply of homes is also up from 1.1 months to 1.4 months, shown in the yellow graph at the top. I think because of this massive supply shortage, this is really seasonal slowdown and not a broader market issue. Even last month, almost half of single-family homes sold in Marin had multiple offers on them. So I really do think this is typical seasonal summer slowdown, but we'll know more once we head into fall. Follow me for more updates and reach out if you want more information.
