Marin Real Estate Late Summer Update
As summer winds down, I am noticing that this season has been anything but typical as serious buyers remained in the hunt for a new home. Interest rates continue to hover in the mid three percent range. Home prices are reduced at some price points and neighborhoods with a few surprising statistics such as 11% year over year increase in Fairfax and 7% increase in San Anselmo.
Currently, there are 894 single family homes for sale compared with 1008 a year ago, down 11%. However, 42% of all homes offered are in contract creating a strong market with a lot of jostling amongst buyers especially in the $800,000 and below range. (I have seen multiple offers of 10 plus participants and up-bidding for distressed properties under 700k)
National market indicators are mixed. While the Dow broke through the 13000 ceiling in July it continues to be a rocky ride above and below that ceiling. The national Consumer Confidence Index declined to 60.6 in August which was its lowest level since late last year as nationally, consumers voice their apprehension about employment prospects.
The highlight of the market activity here in Marin are the historically low interest rates which are attracting qualified buyers back to the market (coupled with local economic confidence--thanks, in no small part, to increased hiring in the tech sector here in the Bay Area). Moreover, mortgage refinancing has doubled from a year ago giving an added boost.
National news is bumpy but locally, our market is performing with more stability than we have seen anytime in the last five years with multiple offers the norm at many price points below 3 million. Search for homes in Marin County.