Good news for buyers -- in Q3 (July-Sept) the median price of both single family homes and condos that sold in Marin dropped by 8%.
Also good news for buyers is that the number of Active listings increased by 17%, with the largest increase being for homes priced under $900,000.
Does this mean that the bubble has burst? Probably not, since each of the past 3 years also showed a significant drop in prices from Q2 to Q3, but then recovered from those drops in subsequent quarters, going on to record highs after short setbacks.
The median price of single family homes that sold across the county was $1,300,000, down from $1,410,000 the previous quarter and the median condo price was $625,000, down from $680,000.
On average, homes sold for 2% over their list prices, down from 5% over asking in Q2.
It remains a Sellers Market for homes priced under $900,000; it has changed from a Sellers Market to a Balanced Market for homes in the $900,000 - $1,500,000 range and remains a Buyers Market for homes above that price.
For a more detailed look at prices with a chart showing how they have changed quarter-by-quarter over the past 4 years, click here. Feel free to send me your comments or questions and please call if I can be of assistance to you in buying, selling or leasing a home or income property in the North Bay.
Peter Nielsen, Broker