Copy of February 2024 Market Report Newsletter

Homes & Happenings

in Marin County

Please find attached the market report for February, along with the monthly sales data for January, which reflects transactions from December 2023—traditionally the slowest month of the year.

As I prepare homes to bring onto the market this Spring, I've noticed a trend of sellers holding onto their properties since mid-2022, when rates began to rise. The current mortgage lock-in effect is deterring many sellers from listing their homes until their low-rate mortgages expire. Additionally, there's the persistent question of where sellers would move next.

Despite this, buyer demand remains robust, highlighting a significant disparity between supply and demand in our market. Looking ahead, I anticipate interest rates will decrease as the year progresses, likely prompting a surge in buyer activity.

Interested in delving deeper into the current market dynamics? I'm eager to assist you with your real estate needs, so please don't hesitate to reach out at your convenience.

Warm regards,
 Sharon

— Market Report —

"Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics, and lower mortgage rates are setting the stage for a more robust housing market. Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, rates are expected to decline further. 

The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead." 
FHLMC (Freddie Mac), 2/1/24

Please enjoy the attached market report with updated statistics for the month of January, as well as trends in home prices, speed of sale, volume, etc.

FEBRUARY MARKET REPORT

JANUARY MARKET DATA

LIVING NEAR WATER IN MARIN: 
RISKS AND SOLUTIONS

IS YOUR MARIN HOME IN A FLOOD ZONE?

In Marin, heavy rains and runoff into our creeks can cause flooding in nearby neighborhoods. If the bay tides are high, the streams drain slower and flooding can be more severe. Areas that are prone to flooding in Marin are areas along creeks and low areas along the bay.

There have been only a few years of serious flooding in Marin. However, the increase in sea level and heavy rain storms have increased the risk.

FEMA Flood Maps, New in 2016 and 2017

The Federal Emergency Management Agency (FEMA) publishes “flood maps” (FIRMS or Flood Insurance Rate Maps) that show the flood risks, if any, of every property in Marin.
FEMA has defined flood hazard zones by the likely hood of flooding in the next 30, 100, 500 years, and so on:

B, C, and X zones have low chances of flooding, and usually do not require flood insurance.

A and V zones (also known as Special Flood Hazard Areas or SFHAs) have a high risk of flooding in the next 30 years. Flood insurance may be required for properties in these zones.

Much of the flood zone determination has to do with the number of feet a house is above a base flood plane (or elevation). Each community determines this elevation. It may be, for example, 9 feet. This sometimes results in a situation where part of a property is in the flood zone and part is above the flood zone.

If the house is above the base elevation, flood insurance may not be required.

    Where to Find Your Flood Status

There are web sites that give you government information on the flood status of your home:

MarinMap. Click on Search By Address at the top of the page, and then enter your property address. Then check “FEMA Flood Hazards” in the left column. This is the site that most towns in Marin use for property information.

Our Coast Our Future. Click on Flood Map. This site gives you flood information, wave hazard for waterfront areas, predictions of sea level rise, and more.

Please note that FEMA may update your home’s flood hazard status without notice. It is useful to check these maps every few years.

Should You Buy Flood Insurance?

If you have a mortgage and your home is in FEMA Zone A or V, your lender will most likely require flood insurance. If you do not carry a mortgage, flood insurance is always an option and not required. There are some exceptions, for example, if part of your property is in a flood zone, but your house is not.

If your home is newly designated in a Special Flood Hazard Area, you may be able to buy a Preferred Risk Policy from FEMA, at a greatly reduced rate. If your home is near a Special Flood Hazard Area, you may want to buy insurance from FEMA, available at a much lower cost, as precaution against future changes in flood maps.

     What Can You Do to Prevent Flooding?

If you live in a flood hazard zone (A or V, contact us to find out), you have options to prevent flooding:

Install a sump pump under your house. Also, consider a natural gas-powered generator in case the power goes out.
Have sandbags ready to block the water at critical locations.
Raise your house above the flood plane. Some cites now require this if you do a major remodel extensively or if you build a new house. It may be a small investment relative to your home’s value, and well worthwhile.

Marin County Watersheds and Flood Protection Zones

Marin County is divided into 15 watersheds and eight Flood Protection Zones. This page will help you to understand the big picture.

   What is Marin Doing to Prevent Flooding?

Zone 1: Novato 
Overview of flooding in Novato
Flood control projects in Novato

Marin County Flood Control District

Zone 3: Richardson Bay (Mill Valley, Tiburon, Sausalito, Marin City, Tamalpais Valley, and Belvedere)

Mill Valley Flood Control Plan 2021
Flood Preparedness in Belvedere

Marin County Flood Control District

Zone 4: Bel Aire (Part of Tiburon)
Zone 5: Stinson Beach and Bolinas
Zones 6 & 7: North and East San Rafael

Marin County Flood Control District

Zone 9: Ross Valley (Corte Madera, Larkspur, Ross, San Anselmo, Fairfax)

Towns along the Corte Madera Creek, from Fairfax through Corte Madera to the bay, are working to provide unimpeded flow of the creek through developed areas. Creeks that drain easily are less likely to overflow. 

You can keep up to date with plans and ongoing programs at the Ross Valley Watershed and the Friends of the Corte Madera Creek.

Marin County Flood Control District

Zone 10: Lagunitas and Tomales Bay (San Geronimo Valley, Lagunitas, Tomales, Dillon Beach)

Marin County Flood Control District

— Available Homes —

— Buyer Needs —

Want to be in the know?

Visit my website to see my current listings and sold homes, as well as many testimonials, my newsletters, 
and more!

WEBSITE

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Sharon
Kramlich

415.609.4473 
sharon.kramlich@compass.com
sharonkramlich.com
DRE 01184449

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.