Reports
Marin housing inventory continues to be low. We currently have 210 single family homes for sale. This is less than it was this time last year. Inventory in most cities in Sonoma is going up. It appears that Marin is still a popular place to move as many people still don't have to commute to the city as much due to Covid. While the market isn't as hot as it was a few much ago, there is still lots of demand. Very desirable homes may still have several offers but not as many as a couple of months ago. Many homes are having only having 2 - 3 offers. Homes without much outdoor space and over priced homes may sit on the market longer or have price reductions.
Even though we saw 63% more multiple offers this Jan to July, July was a bit of a cooling month. We saw less multiple offers. While a cooling of sales is normal for the month of July, it went beyond the seasonal norm. Overall, buyers feel it isn't a good time to buy. This goes against what experts say. They say there is no indication of a real estate market "bubble burst".
Interest rates have gone down the last few weeks. They are currently at about 2.75 percent for a jumbo 30 year fixed. Some experts expect interest rates to start going up the end of this year to the beginning of next year.
We've seen signs of the market slowing. There have been a decrease in the number of offers on homes, less buyers looking (partly due to summer vacation), and there are more price reductions. There was a bit of a lull in new homes hitting the market but seems to have mostly bounced back.
Here is a great article about how the housing market and how it might be cooling off a bit. As rents have been going up in SF, I believe this is true and that we are starting to see a shift in the market.
The Marin market is still moving fast! I put in an offer this week for clients and there were 9 offers on the home. It appears that the top offer was all cash and 28 % over asking. Will it slow down once Father's day hits and Marinites go on vacation? Possibly. Some agents are saying that there may not be as many multiple offers as last month. However, there are enough over bids that prices prices are still rising.
