February 8, 2024
Marin: Febuary 2024 Market Stats
Open house visitor numbers have surged, new listings coming on the market are rising, the pipeline of coming listings is filling up faster than last year, and the number of homes going into contract is expected to climb rapidly as the market wakes up. With dramatic improvements since October in interest rates, stock markets, and consumer confidence, both buyers and sellers are re-engaging to a much greater degree, and the velocity of the market is accelerating.
However, even as listing inventory begins to rise, it remains very low compared to pre-pandemic norms, and a common seasonal dynamic early in the new year has been for buyers to jump back in faster and in greater numbers than sellers with new listings - especially if buyer demand was repressed in the previous year and economic conditions have rebounded. A big mismatch between supply and demand right from the start of the year deeply affects market dynamics moving into spring, and perhaps the biggest question in 2024 will be how many sellers, who have held off listing their homes since mid-2022, move forward with life plans.
January statistics based on closed sales - sales prices, sales volume, days-on-market, and overbidding percentages - will mostly reflect listings that went into contract in late 2023, the slowest market of the year. Spring, typically the most active selling season, should soon result in substantial changes in all these indicators. Depending on the weather, "spring" in the Bay Area can begin as early as February.
If you have any questions or want to talk more about local market statistics, please don't hesitate to reach out. I'd be happy to grab a coffee or chat via phone.
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