Marin County Real Estate Market Report August 2019 | Trends & Market News

The July numbers are in and we are seeing the trend continue of increased inventory and decreased pricing compared to last year. The median price of homes sold in July in Marin County was down 4.1% versus July of 2018, while the number of homes for sale increased by about 25% for the same period. However the increased home inventory is also driving increased sales, which were up almost 14% compared to the prior year.

Mortgage Rates Tumble Again

Over the last three months we have seen mortgage rates tumble in May, then spike in June / July and are now declining to the lowest rates we have seen since 2016. Thirty year jumbos are at 3.75% as of this writing with no points, according to mortgage specialist Alan Chu of Bank of the West. According to this recent article about mortgage rates, this is driven by the economic uncertainty of the “trade war” with China. We have also seen people moving to safe havens like bonds and gold as the volatility in Hong Kong and the US stock market has escalated over the last week.

Real Estate in the News

During the slower summer months, we often see articles predicting the impending doom of the local bay area real estate market. This summer is no different, however to be fair we are seeing some different market dynamics than we have in summers past.

One of the large market drivers in the Bay Area has been investment by Chinese nationals looking to buy in one of the world’s top real estate markets. According to this recent article in the Marin Independent Journal, “about one-third of foreign purchases in California during a recent 12-month period were made by Chinese citizens. In the midst of a growing trade war, overall Chinese investment in U.S. residential real estate fell from $30.4 billion to $13.4 billion in the last year.”

We are also seeing fewer multiple offer situations, as covered in this recent news story by NBC Bay Area which focused on the market in Silicon Valley. Recently a home in my neighborhood in San Rafael had 11 offers (and 60 disclosures!) but this has become the exception rather than the rule given the healthier home inventories.

What does all of this mean for you? If you’re a buyer, there is more to choose from and you may have more leverage in negotiating. For sellers, pricing and presentation are more important than ever to drive interest and stand out among the competition.

The Second Busiest Marin Real Estate Season is Right Around the Corner

The weeks after labor day are traditionally very busy in the Marin real estate market, with an inventory surge that is second only to the spring season. However this surge slows in November as people begin to prepare for the holidays. It is a great time for Marin County home buyers to look, however, as there is less competition than in spring.

I have some exciting listings in the pipeline, including a new-construction modern gated estate in San Rafael’s Dominican neighborhood. Watch my featured listings page for more details or call me if I have piqued your interest!

New Real Estate Market Reports by Town

I am also excited to announce that my website now has new real estate market reports by town with more coming soon. Please check these out:

Belvedere Real Estate Market Report

Corte Madera Real Estate Market Report

Fairfax Real Estate Market Report

Kentfield Real Estate Market Report

Larkspur Real Estate Market Report

Mill Valley Real Estate Market Report

Novato Real Estate Market Report

San Anselmo Real Estate Market Report

San Rafael Real Estate Market Report

Tiburon Real Estate Market Report

These are all accessible from the “Market Reports” menu item here on my website at any time.

Let’s Talk!

These monthly Marin County real estate market reports are a great place to start as you learn more about the market. Let’s continue the conversation — I am always happy to discuss the market, and the best way to approach it whether you are a buyer or a seller.

Interestingly, I have had several sellers talk to me this spring about selling next spring. That is very, very smart — it gives them the dry summer months to prepare their homes for sale next spring. I cannot tell you how many times I have walked into a newly remodeled home where the seller did not consult with me and thought to myself “If only they had chosen a different paint color…”

To those who read this report, thank you for all your support of my business. I couldn’t do it without you. Call or text me at 415-847-5584 anytime. Let’s talk real estate!