In this issue, we look at what's been happening in the Marin real estate market over the past 3 months. There are finally some developments favorable to buyers.
Prices are down 6% from the second quarter of the year, and are off by 2% from what they were in Q3 of last year. List prices are also down 4% from what they were in Q2, although they are 2% higher than they were in Q3 of last year. The number of sales is relatively unchanged from the previous quarter and year. The most significant development is that median sales prices were just 98% of list prices. This contrasts with a prolonged period in the past where the sales prices were mostly higher than the list prices.
The median price for single family homes in Q3 was $1,282,500 compared with $1,341,000 in the previous quarter. And the median price for condos was $630,000, down from $660,000 in Q2. The Days on Market has gone from 32 to 36, another favorable development for buyers. from a Sellers Market Conditions in other price ranges have not changed significantly.
It has shifted from a Sellers Market to a Balanced Market for homes under $900,000. Conditions in other price ranges have not changed significantly.
To see the prices for each community and a chart of Marin home prices over the past 14 quarters, click here.
Peter Nielsen, Broker