Marin: November 2024 Market Stats

October Market Summary

The 3-month-rolling median house sales price in October 2024 was up almost 3% year-over-year, while the median condo sales price declined: Generally speaking, over the last 5 to 6 years, house markets have substantially outperformed condo markets around the Bay Area. After the big surge in new listings in September, the number dropped back in October, and the overall supply of active listings declined month over month, but remained higher than last year. Total home sales and luxury home sales increased both month over month, and year over year, but the increase in listings has outpaced the increase in sales. The number of price reductions hit its highest monthly count in 2 years.

Interest rates continued to rise in October and early November, but, as of November 6th, all 3 major stock market indices were at record highs. These 2 financial indicators - the first one typically having negative implications for buyer demand, and the second one positive - may pull different market segments in different directions in the coming months.

Listing and sales activity, as well as virtually all the standard metrics of demand, typically cool markedly in November and December, and the number of unsold listings taken off the market (usually until the new year) often jumps, especially in higher price segments. But homes continue to be listed and sales to occur, albeit in reduced numbers, and indeed the next 2 months can be an excellent time for buyers to negotiate more aggressively to make some of the best deals of the year.