Marin Market Report | August 2022

Marin Market Report | August 2022

  • Ronda Priestner
  • August 16, 2022

Happy August Friends and Clients,

 

As every other macro indicator would suggest, sales prices and numbers of sales continued lower in July, but not as dramatically in Marin, compared to many parts of the Bay Area and beyond.

 

Summer months are typically slowerdue to summer vacations, however caution has entered the fold and was expected, after our unprecedented 10 year run up in values (excepting 3/2020-5/2020 due to Covid).

 

It was a matter of when and what circumstance would set the pull back in motion. It is logical to assume the dramatic increase in the cost of money and lack of consumer confidence due to declining investment portfolios and fear of inflation led the charge.

 

July / early August has presented a dramatic rebound in the investment markets. We will see if that trend sustains and if there is impact in our real estate market when sales typically pick up for our Fall season, beginning in September. No predictions really possible yet...especially with the cost of money still rising (though lending rates down from peak 5.8% in early July).

 

Compass analyst Patrick Carlisle tells the story well below, but makes the comment on several charts that 1-2 month market shifts cannot portray an accurate picture of the total trend. 

 

4 notes to observe:

 

  1. Median sales price trends are still about on par with 2021 peaks.
  2. Year to date appreciation is still up 8% overall.
  3. Inventory swelled 23% year over year in July; homes are taking longer to sell with price reductions needed for left over inventory.
  4. BIG MARIN REVEAL: 48% of all listings still sold over asking price in July; down from 76% of all listings sold over asking in March. In certain the ultimate winning bids are more conservative than they were, as well as fewer numbers of offers coming in, compared to early Spring.

 

The important message: take care of your home's infrastructure as needed. When it's time to sell, move out; do the cosmetic improvements (Concierge can help interest free - ask us) and price your property according to recent sales in your neighborhood, not on wishful thinking. Your results will still prove to be very good.

 

Have a wonderful rest of summer!

 

Our best always,

Ronda and Michelle

August 2022 Bay Area housing market report on sales, prices, inventory, mortgage rates, and seasonal trends.

Chart of Marin County median house prices from 2018 to July 2022, peaking in April 2022.

Bar chart of Marin County annual median house price appreciation rates from 1990 through June 2022.

Marin County house sales pie chart by price segment, May–July 2022, with bedroom-count totals.

Bay Area median home values chart comparing prices, square footage, and price per square foot by county and house size.

Bay Area median home values table for May–July 2022, with the Marin County row highlighted.

Marin County median home sale prices, May–July 2022, shown as a ranked horizontal bar chart.

Chart showing seasonal Marin County new-listing patterns from 2018 to July 2022, with spring peaks and winter declines.

Chart comparing Marin County active listings in 2021 and 2022; 2022 rises above 2021 by June.

Chart of Marin County active home listings from January 2017 to July 2022, with a June 2019 peak.

Chart comparing monthly Marin County listing price reductions in 2021 and 2022.

Chart comparing Marin County listings going into contract in 2021 and 2022; the 2022 rate drops to 34% by July.

Bar chart of monthly Marin home sales from 2018 to 2022, with July 2021 and July 2022 highlighted in blue.

Chart of monthly Marin County sales of $3 million-plus homes, January 2018 to July 2022, with seasonal trends.

Chart of Marin County home sales closing over list price, with monthly percentages from 2018 through July 2022.

Chart of Marin County average days on market, with monthly figures from 2019 through July 2022.

Economic charts on mortgage rates, consumer sentiment, financial markets, and inflation, with Bay Area real estate factors.

Michelle Klurstein and Ronda Priestner real estate agent contact information.

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