September 2023 Marin Market Report V2

September 2023 Marin
Market Report

“The surprisingly quick recovery [of the housing market] suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year... There still aren’t enough homes for sale to meet demand.” The Wall Street Journal, “The Fall in Home Prices May Already Be Over,” 9/8/23

Generally speaking, the market rebounded much more strongly in 2023 than seemed possible at the end of 2022, when, after hitting historic peaks during the pandemic boom, economic and demand indicators hit their lowest points since the great recession. The decline in the number of sellers putting their homes on the market continues to be an enormous factor in the balance – or imbalance – between supply and demand, in the recovery in home prices, and the decline of overall sales volumes.

In August, the average, weekly, 30-year mortgage rate, as published by FHLMC, ticked back up over 7%, a situation which continues to significantly impact housing affordability. Perhaps in response, the percentage of buyers paying all cash has generally been running at its highest national level in 8 years. Stock markets were relatively volatile in August.

After the usual summer slowdown from spring, the autumn selling season began after Labor Day and runs until early-mid November, when the market typically begins its big, mid-winter holiday slowdown. By Thanksgiving, the number of new listings coming on market has plummeted, and December commonly sees by far the lowest level of monthly sales activity, as defined by listings going into contract.

In the meantime, we expect to see substantial activity this fall. September often sees a considerable jump in new listings coming on market.

Current Active Listings per Town

BELVEDERE

CORTE MADERA

FAIRFAX

GREENBRAE

KENTFIELD

LARKSPUR

MILL VALLEY

MUIR BEACH

NOVATO

ROSS

SAN ANSELMO

SAN RAFAEL

SAUSALITO

STINSON BEACH

TIBURON

Please see my website for a 
comprehensive list of sales

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DRE #: 01184449
M: 415.609.4473
sharonkramlich.com
sharon.kramlich@compass.com

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.