Is the market slowing down?
Anyone feeling a slowdown? I don't feel it quite yet but I sense that it is coming. The inventory is still extremely low and that makes it hard to notice a slow down as there always seem to be too many buyers competing for the same property. But with sellers continuing to "overprice" their properties, this will come to an end.
Here is what MAR's president said yesterday:" There are a lot of questions about the market and what's going to happen as it starts to shift. Although there are homes in Marin that sell with multiple offers and an unbelievable sale price, there still seems to be some lag with other homes in the market. This morning, there were 343 active single-family homes in Marin for sale. The lowest priced one is in Novato at $529,000, and the highest at $25,000,000 in Corte Madera is the Bill Graham estate.
Zillow reports the median home price to be $1,052,000. We have 79% of our 343 homes for sale over that price in this county. What does this all mean? Statistically, there are so many ways to manipulate the numbers. What I feel is that there's a slowdown coming soon, and we should be smart in talking to our already educated clients. My colleagues from other markets across the country are reporting a downshift in their counties. What I know for sure is that we live in one of the most desirable counties in the country. That we are lucky enough to have beauty surrounding us, proximity to the ocean, mountains and the city. There's access to great food, nature, clean air and water, and enough of a variety of people to allow you to be whoever you are. We'll remain strong but certainly not immune to the changing economy."
Bottom line, Marin continues to thrive. It is still a great market for both sellers and buyers, thanks to the low rates. But if you are a seller thinking about selling within the next 2-5 years, my advise would be to sell NOW! Call me for more specific sales statistics for your own town/neighborhood. Or call me if you want to take advantage of the rates while they remain low and make Marin your long term home!