Marin County Real Estate Market Report

February 2023

The market continued to slow in January, with the median home price down 17% vs. January 2022 to $1.1 million. Days on market jumped considerably to 62, up 35%, while the months of supply of homes for sale nearly doubled from the prior month. There were 46% fewer homes on the market in January 2023 compared to January 2022.

These numbers definitely point to a market slowdown vs. the same time last year. Having said that, there are signs of increased activity. Many open houses this Superbowl weekend were very busy with serious buyers and some well-priced and well-presented homes in highly desirable areas have moved  quickly and in some cases with multiple offers. Part of this is driven by a lack of inventory and pent-up buyer demand. It remains to be seen if this early level of activity will continue as more inventory becomes available in the spring market. 

Tech Layoffs May Take a Toll

According to this article, the tech layoffs in the Bay Area have eliminated about 19,000 jobs since the middle of 2022. It is too early to know  to what degree this  will impact  the Marin County real estate market in 2023. In addition, my friends in the tech world indicate that more layoffs are coming at some of the larger companies.

We also saw the average sale to list price in th overall Bay Area drop below 100% according to this article: https://www.sfchronicle.com/bayarea/article/bay-area-housing-list-prices-17770050.php

The article states this is the first we have seen this since 2012.

What does all of this mean? It’s hard to tell, but the much-anticipated and discussed market slowdown appears to be upon us. Having said that, the regional unemployment rate for 2022 was just 2.7%, and nearly 152,000 new jobs were created in the Bay Area, bringing new households to the area in need of housing. 

Coming Soon from Thomas

Coming Soon:  I have a great top floor 2 BR/2 BA top-floor condo (with elevator) in Greenbrae that has stunning water and Mt. Tam views. We are in the process of remodeling but it should be ready in early March.

How Can I Help?

NOW is the time to speak about any real estate plans you may have in 2023 whether buying or selling.Preparing a home for sale takes time as workers are still in short supply (though that is improving), and buying also takes some homework and prep that we should get started before the spring season begins. Let me pave the road to success for you!

These market reports are a great place to start, but let’s continue the conversation. I am always happy to discuss the market and the best way to approach buying or selling a home in Marin County or the greater Bay Area. Call or text me anytime at 415-847-5584.