Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

What's Happening With Marin County Real Estate -- March 2024

Name: What's Happening With Marin County Real Estate -- March 2024
Uploaded: 2024-04-17T01:00:02+00:00
Duration: 49 s
Channel: Austin Klar
Description: In this March 2024 market briefing, Austin Klar reports that Marin County now has the highest number of homes for sale compared to the same period over…

17 Apr 2024 · 1 min

Watch on YouTube

0:49

In this March 2024 market briefing, Austin Klar reports that Marin County now has the highest number of homes for sale compared to the same period over the past four years, yet buyer demand continues to outstrip supply. Key indicators show days on market are decreasing, homes are selling for a higher share of their list price, and about half of the homes sold in Q1 2024 attracted multiple offers. Both median and average home prices have risen month‑over‑month and year‑over‑year. Graphs illustrate that absorption rates (the share of listings going under contract) increased from February to March, while the monthly supply metric—how quickly existing inventory would be sold if no new listings appeared—has been trending downward. Despite the recent inventory boost, the 2024 demand line remains above supply, sustaining upward pressure on prices. Klar ends with a call to follow him for future Marin County market updates.

Chapters

There are more homes on the market in Marin County right now than we've seen at this time over the past 4 years, but demand is still exceeding supply. Days on market are trending down. Homes are selling for a greater percentage of list price. Half the homes in Q1 of 2024 received multiple offers, and both median and average home prices are up month over month and year over year. As you can see, the top graph in green, absorption rates, basically the percentage of homes that are getting into contract, is up in March compared to February. And as you can see in the middle graph in yellow, the monthly supply basically how quickly all available inventory will sell out if no new homes came to market, is trending down. Both of these data points show that even though we have more inventory right now than we have at this time since the last 4 years, as you can see in the bottom graph with that black line representing 2024, demand is still outpacing that increase in supply, and that's keeping upward pressure on home prices. Follow me for more Marin County market updates.