Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

What's Happening With Luxury Marin County CA Homes

Name: What's Happening With Luxury Marin County CA Homes
Uploaded: 2024-01-30T02:00:11+00:00
Duration: 46 s
Channel: Austin Klar
Description: In this market update, Austin Klar reports that the luxury home segment in Marin County (properties priced over $5 million) experienced a significant…

30 Jan 2024 · 1 min

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In this market update, Austin Klar reports that the luxury home segment in Marin County (properties priced over $5 million) experienced a significant slowdown in transaction volume in 2023, dropping from 112 sales in 2022 to 77—a 31% decline. Despite the reduced demand, constrained supply pushed prices higher: the average sale price rose from $7.3 million to $7.5 million, and the price per square foot increased from $1,701 to $1,863. Homes also stayed on the market longer, with average days on market climbing from 24 to 46 days, though this remains fast for this price tier. Klar attributes the continued upward price pressure to lower interest rates sustaining buyer demand and cautions that the luxury market is unlikely to cool soon. He invites viewers to follow him for ongoing Bay Area real estate updates.

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The luxury Marin market definitely slowed down in 2023 in terms of transaction volume, but prices were a completely different story. Total home sales in Marin County over $5 million fell from 112 in 2022 to 77 in 2023, a drop of about 31%. But even with lower overall demand, because supply was so constrained, prices actually increased on an absolute and per-foot basis. Homes over $5 million sold on average for $7.3 million in 2022 compared to $7.5 million in 2023, and the price per foot also increased from $1,701 a foot to $1,863 a foot. Even though prices were up with less overall demand, things took a little bit longer to sell. Days on market increased from 24 days to 46 days, which is still really fast for properties at this price point. Don't expect the luxury Marin market to cool off anytime soon as lower interest rates drive demand up and keep upward pressure on home prices. Follow me for more Bay Area real estate.