Feature image for Marin: Febuary 2024 Market Stats

February 8, 2024

Marin: Febuary 2024 Market Stats

By Compass

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.

FHLMC (Freddie Mac), 2/1/24,University of Michigan, Consumer Sentiment Index, Preliminary January Report, 1/19/24.The New York Times, 1/26/24, "Economists Predicted a Recession. So Far They've Been Wrong."Marin County Home Price Trends since 1990 Monthly Median House Sales Prices, 3-Month Rolling AverageMarin County House Value Trends since 2005 3-Month-Rolling Median Dollar per Square Foot Values*Marin County Condo Price Trends since 2005 3-Month Rolling Median Condo Sales PricesNew Listings Coming on Market Marin County Market Dynamics & SeasonalityMarin County Homes Market Active & Coming-Soon Listings on 1st of Month*Listings Accepting Offers (Going into Contract) Marin County Market Dynamics & SeasonalityMonthly Sales Volume Marin County Market Dynamics & SeasonalityMarin County Luxury Home Sales by Month Homes Selling for $4 Million+ since 2020Marin County Residential Market Market Dynamics by Price Segment/Property TypeMortgage Interest Rates in 2023-2024 30-Year Conforming Fixed-Rate Loans, Weekly Average Readings*Nasdaq Composite Index January 1995 to 2024 YTDMarin County Real Estate 2022-2023 Home Sales by Era of Construction*Marin County House Market by Era of Construction Median House Square Footage, Median Sales Prices*Average Days on Market: Speed of Sale Marin County: Market Dynamics & SeasonalityAverage Days on Market Prior to Acceptance of Offer Marin County House Market in 2023*Average Sales Price to Original List Price Percentage Marin County Over/Under Bidding: Market Dynamics & SeasonalityMarin County: Overbidding Asking Price For Those Listings Accepting Offers Within 30 Days*Overbidding List Prices in Marin County Percentage of Home Sales Closing over List Price, since 2018Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods.

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. 

Thank you,

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