August 2024 Market Report Newsletter

Homes & Happenings

in Marin County

With Labor Day and the start of school only weeks away, it is hard to believe that summer is almost gone.  For realtors it means the kick-off of the fall real estate season and, although I was able to have some cherished time away with my family this summer, I also spent a lot of time with my clients preparing their homes to list for sale. 

As I send my son Bryn off to Oregon for his sophomore year and Aniela off for her senior year at Cal Poly SLO, I am seeing many of my friends from our days together at Old Mill School evaluating their own housing needs with many downsizing  –  even some moving out of the area.  

If you are considering this transition, I am happy to help you think through it as I have done so for many others. 

Most importantly, remember to value every special moment you have with your family and friends!

Warmly,
Sharon

— Market Report —

Mid-Summer Market Conditions

As of August 8th, mortgage rates had declined to their lowest point in over a year, while financial markets were experiencing very substantial volatility. Most analysts believe the Fed will finally begin to drop their benchmark rate in September (pending a positive inflation report in mid- August). Lower interest rates, of course, have a considerable effect on the cost of homeownership for those financing their purchase, and a sustained decline would almost certainly spark increased market activity - not only of buyers but potentially of sellers who held off listing their homes in the past 2 years due to the "mortgage lock-in" effect. Much depends on the scale of any decline in rates as well as possible changes in other economic conditions through the end of the year.

Following the typical seasonal trend, the market cooled in summer from what is usually its most heated selling season in spring. Sales activity slowed, overbidding declined, and homes took longer to go into contract. New-listing activity also declined, but the number of active listings is running slightly higher than last year. The median house sales price usually dips in summer after peaking in spring (due to a number of factors), but it remains higher year-over-year. The market often sees a rebound in September to begin the fall selling season, but August may see an "unseasonal" burst of activity if the decline in interest rates continues in the coming weeks.

Finding comprehensive and affordable homeowners' insurance remains challenging: According to the CA Association of Realtors, nearly 7 percent of recent real estate transactions statewide fell out of escrow due to insurance issues, but noted that "The state's largest insurance regulatory reform in 30 years is set to go into effect by the end of this year." Hopefully, this will result in substantial improvement to a very difficult situation in many of our markets.

AUGUST MARKET REPORT

JULY MARKET DATA

— Appreciation Calculations —

CLICK ON THE ATTACHED GRAPH FOR MORE INFO!

Important Points 
Regarding Appreciation Calculations

The specific circumstances of a home's purchase - for example, in an overbidding frenzy, in an off-market sale, or during a market downturn - can have a huge effect on its percentage change in value over time. Regional appreciation rates are very general indicators of area median sales price changes, not exact measurements one can apply to individual properties.

Appreciation rates have sped up, slowed down, or gone into reverse to very different degrees in different Bay Area markets during the dotcom boom, the subprime bubble, the foreclosure crisis, the high tech/IPO boom, the pandemic boom, and the recent period characterized by higher interest rates. Depending on a number of factors, one county's home prices can appreciate faster than another in one period, then the other county can see higher appreciation in the next. An "Al boom" appears to have recently begun in a few markets.

Factors besides changes in fair market value affect appreciation: For example, a change in the average size of homes sold, overall housing stock substantially altered by new-home construction, or economic conditions (stock markets, interest rates, foreclosures) affected one price segment more than others.

Appreciation rates can change substantially depending on the exact start date of the period being measured: Prices may be high in one 6-month period and then decline significantly, or even plummet, in the next, as occurred in 2008 & 2022 (and for certain markets, in 2001 & 2018).

Due to the often dramatic effect of market seasonality on median sales prices, appreciation is typically measured year over year - for example, Q2 to Q2, not by comparing a spring sales price to mid-winter's.

Annual appreciation rates compound year over year, and cannot be added up to determine total appreciation over time. Nor can total appreciation be divided by the number of years to calculate the annual rate.

Equity appreciation (of cash downpayment and closing costs), for those who finance their purchase, will typically be several orders of magnitude higher than the appreciation of the full purchase price.

Generally speaking, the smaller the number of sales, the less reliable the appreciation calculation, especially in markets with a very wide range of sales prices.

— Success Story — 

Sharon lead us through the process of selling our home, from beginning to end, with patient professionalism. Calling upon her many years of experience, representing buyers and sellers in this area, and her contacts with local businesses, she helped us prepare our home for sale with efficient and meticulous precision. 

She carefully orchestrated renovations that would aptly add value without overspending and she managed the entire process for us, while carefully communicating along the way. And this was all before we were ready to market and sell the home! She achieved a remarkable sale price for us, through her thoughtful pricing, her thorough, effective and beautiful marketing efforts, her on-site presence and her keen eyes and ears, plus much, much more! We are so glad that we chose Sharon to be in our corner representing us on our sale. 

The results were outstanding and I would not consider working with any other realtor again. Who you choose to represent you really does matter and  I can assure you, if you choose Sharon, you will not regret your choice!

- Lisa Preger, Mill Valley Home Seller

TESTIMONIALS

— Compass Private Exclusive —

A Private Exclusive is an off-market listing, or what’s also called a “pocket listing”

Private Exclusives provide major advantages to Compass buyers AND sellers. Sellers get to test the market privately without risk of days on market and public price drops, and buyers get to see exclusive inventory and prepare a competitive offer.

At Compass we have our own Private Exclusive platform.
This gives me access to exclusive inventory that only Compass agents can show you, a win-win for my buyers!
And for my sellers, we can pre-market your property to other Compass agents without accruing days on the market or exposing any public price drops.
This expands our marketing runway by actively generating interest from the minute you sign your listing documents.
If we are not ready to list right now, a Private Exclusive can help signal to the market that something is coming, driving excitement and engagement with your property.
Allowing us to receive valuable feedback from top agents in the market on price and property features to best prepare and position the property, before hitting the market.
By first listing as a Private Exclusive, we can ensure that your listing is best prepared for the current market. You don’t get a second chance at a first impression on the MLS or aggregators.

Did you know that Compass is the largest Brokerage in the Bay Area/Marin?

This exclusive Compass tool is a huge benefit to my clients!

— Highlights —

Ernest | San Francisco

Have you visited Ernest, in SF yet?

 Michelin-recognized Chef Brandon Rice mixes global flavors with a vibrant Mission/industrial style ambiance while blending curated soundtracks with a 'come as you are’ vibe and a constantly changing menu.
It's pretty darn cool! Discover unforgettable delights like the Beef tartare topped with ikura and served over sushi rice with nori and experience SF dining at its finest!

MAKE A RESERVATION

— Compass National Network —

Looking for a primary residence, second home, or investment property outside of Marin? I am connected to some of the best agents in the country and would love to make an introduction!

— Coming Soon — 

I am busy preparing a number of listings for the Fall market and cannot wait to introduce them to you after Labor Day.

DOWNTOWN FAIRFAX

Homestead Valley,
Mill Valley

Tiburon

— Pending — 

St Helena
1385 Grove Court
3 BD 2.5BA 3,192 SF 

Gorgeous St. Helena home, located on a quiet cul-de-sac, beautifully remodeled in 2020 with modern finishes and contemporary design. The chef's kitchen features top-of-the-line appliances, custom cabinets, quartz counters, and a kitchen island/breakfast bar.

— Sold — 

Mill Valley
95 Eldridge Avenue

5 BD 4BA 3,186 SF $6,200,000

This beautiful Blithedale Canyon home was listed at $4,995,000, received multiple offers and sold at $6,200,000.

My sellers are delighted to have sold for 24%,  $1,205,000 over asking!

For more information on the anatomy of this sale click here.

— Sold — 

Mill Valley
11 Elma Street

4BD 4.5BA 3,277 SF $6,000,000

11 Elma Street in Mill Valley, sold swiftly and quietly in an off market sale.

We listed this spectacular downtown home at $5,495,000, and I secured a buyer at $6,000,000, 9% over asking, in just 2 days.

My sellers are delighted to have made 54 % appreciation in just 6 years!

— Sold — 

Mill Valley
170 Bayview Drive

2 BD 2BA 1,440 SF $1,075,000

This modern home was designed in 1974 by renowned architect Steve Wisenbaker. 

Offering a unique design, views and privacy, my talented buyer snapped up the opportunity to take on this exciting project, which provides her with the template for a stunning remodel to transform the space.

I cannot wait to see her work in progress!

— Sold — 

Larkspur
21 Bayview

4 BD 3 BA 2,623 SF $3,295,000

Nestled in the highly sought after Lower Palm Hill neighborhood in Larkspur, my buyers are delighted to have snapped up this wonderful family home to raise their young family in. 

Offering a perfect blend of traditional charm and contemporary finishes, a wonderful back garden and indoor outdoor flow and such a convenient walk/bike to town or school community.

— Sold — 

Mill Valley
2 Chaucer Court

3 BD 2BA 1,356 SF $1,225,000

Newly renovated Shelter Ridge townhome featuring vaulted beam ceilings, 3 decks, and a 2-car carport with storage.

Shelter Ridge complex offers a fantastic community with pool, spa, tennis courts, playground and club house and in a convenient location near Hauke Park.

— Available Homes —

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

Check out Coming Soon properties in 
Marin

COMING SOON

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Magazine

SPRING/SUMMER 2024

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I am extremely proud and honored to have been named as one of the verified Real Trends top 1.5% of real estate agents in the Country again. 

I am deeply grateful for the trust and support of my amazing clients, colleagues,  family and friends. I owe this achievement to you all and thank you for choosing me to represent you in your real estate journey.

—  Buyer Needs —  

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.