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August 11, 2023

Marin: August 2023 Market Stats

By Compass

Generally speaking, the market began to slow in July, a common seasonal trend, and August is usually one of the quietest months of the year - though last year, a sudden, but short-term drop in interest rates kindled buyer demand in August. Underlying economic dynamics - interest rates, inflation, financial markets, employment - remain on the same general tracks as in recent months.

The Consumer Confidence Index jumped in July, hitting its best reading since October 2021: The Index is now about halfway between its historic low in June 2022 and the pre-pandemic reading in February 2020.

Across Bay Area counties, the year-over-year (y-o-y), 3-month-rolling, median home sales price declines that commonly peaked in spring have been dropping quickly. In Marin, the y-o-y price decline plunged from 14% in April to 7% in July. Based on current trends, it will probably continue to dwindle, and possibly disappear, in the second half of the year.

Low inventory remains a huge factor. The number of homes coming on the market in the 7 counties of the San Francisco & San Jose Metro Areas during the past 12 months dropped 32% from the previous 12-month period: 22,000 fewer properties were put up for sale.* Along with the recovery in buyer demand, this has been a defining factor in 2023's rebound in home prices.

It is not unusual to see an autumn spike up in listing and sales activity after Labor Day, lasting through late October or early November, before the market subsides for the big, mid-winter holiday slowdown, which typically lasts until early in the new year.

The first 2 charts review first annual home prices for a broad review of appreciation trends, and then 3-month-rolling prices for insight into shorter-term changes. This report also includes a review of home prices and market dynamics of submarkets within the county.

*per Realtor.com research data library for U.S. metro areas.

Marin County Median Home Sales Price Annual Median House Sales Prices, 1990 - PresentMarin County Home Price Trends since 1990 Monthly Median House Sales Prices, 3-Month Rolling AverageMarin County: Year-over-Year HOUSE Price Change Percentage Change in Year-over-Year, 3-Month-Rolling Median House Sales Price*Marin County Condo Price Trends since 2005Marin County Home Sales Spring-Summer 2023, 4 Months Sales by Market*Marin County: HOUSE Market Snapshot By City/Town/Region, Spring-Summer 2023, 4 Months Sales*Marin County: HOUSE Market Snapshot By City/Town/Region, Spring-Summer 2023, 4 Months Sales*Bay Area Home Sales 12 Months, Number of Sales by County*Bay Area Median Statistics: Large, Luxury Houses Spring-Summer 2023 Update: 5+ Bedroom/4+ Bath/3000+ So.Ft.*Bay Area Median House Values by County Spring-Summer 2023 Update: By Bedroom/Bath Count*Bay Area Median Home Values by County Spring-Summer 2023 Update: By Property Type & Bedroom/Bath Count*Average Days on Market: Speed of Sale Marin County: Market Dynamics & SeasonalityOverbidding List Prices in Marin County Percentage of Home Sales Closing over List Price, since 2018Average Sales Price to Original List Price Percentage Marin County Over/Under Bidding: Market Dynamics & SeasonalityNew Listings Coming on MarketActive Listings on Market-Longer-Term TrendsMonths Supply of Inventory (MS) - of Active Listings on MarketListings Pending Sale (in Contract, Offer Accepted)Monthly Sales VolumeMarin County Luxury Home Sales by Month.Homes Selling for $4 Million+ since January 2020Price Reductions on Active ListingsMortgage Interest Rates, Long-Term Trends since 1976 30-Year Conforming Fixed-Rate Loans, Weekly Average ReadingsInflation: Consumer Price Index, 1982 - 2023*S&P 500 Stock Index, since 1994* January Opening Values except as specifiedSan Francisco Bay Area Unemployment Rates

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