Austin Klar reports that Marin County's home market is cooling. Inventory is now higher than the same week in each of the last four years, and 28% of listed homes took price cuts last week. Price per square foot dropped from $852 to $846 year-over-year.
What was once one of the hottest housing markets in the entire Bay Area has started to show some signs of cooling. Inventory of single-family homes for sale in Marin County has consistently been above 2023 levels over the past 6 months, and as of last week, is higher than the same week in each of the last 4 years. And while demand remains relatively high in relation to existing supply, it is softer than what we've seen in prior years. As of last week, 28% of available homes took a price cut compared to 26% in the year prior. And it's the same percentage as in September of 2022 after the first couple Federal Reserve rate hikes when rates were going up really aggressively. This overall demand softening has caused prices to soften as well. $846 August 2024 compared to $852 August 2023, and $897 a foot in July of 2024 versus $949 in July of 2023. We still haven't seen inventory trends get out of control, so there's no signs of a serious correction downwards, but definitely some trends to keep an eye on to stay on top of the market. Follow me for more housing market updates.
