The Market Continues to Recover,
But with Many Dynamics at Play
Buyer demand continued to rebound from the depths of the mid-winter slowdown in activity. The number and percentage of listings going into contract, and overbidding percentages continue to climb, and days-on-market to drop as the spring selling season gained traction. Buyers generally shrugged off the local banking crisis, the main effect of which, so far, has been a significant drop in interest rates in the 4 weeks after SVB collapsed.
But though conditions have improved considerably, the market remains significantly weaker on a year-over-year basis, and across the Bay Area, median home sales prices have generally declined. However, it’s worth remembering that the market in Q1 2022 was severely overheated, and approaching the peak of a historic, 10-year boom. This will distort many year-over-year comparisons.
The number of new listings coming on market continues to be extremely low, as many potential sellers hold off from listing their homes due to the doubling of interest rates since early 2022: This constitutes a huge factor in market dynamics and is undoubtedly holding back sales activity.
Across the Bay Area, year-over-year declines of sales in the highest price segments have typically outpaced declines in less expensive home sales, and their demand-to-supply ratio – the number of sales compared to the number of listings for sale – is much weaker. Luxury home sales have been hit harder since the market correction began in mid-2022, though they too have been rebounding in 2023.
April, May & June sales volumes are commonly among the highest of the year, and this is especially true for luxury home sales.
Current Active Listings per Town
4 BD 2.5 BA 3283 SF $3,995,000
Built in 1908, this one-of-a-kind stately brown shingle home has been tastefully remodeled and combines traditional appointments of the era, featuring gorgeous moldings, high ceilings, double hung windows, heavy pocket doors, hardwood floors, window seats, and gorgeous built-ins throughout!
This elegant home sits on a spacious street-to-street lot, on the North side of Buena Vista Avenue arguably the best block in downtown Mill Valley. Bathed in natural light this home truly is one of the best of the best of the original Mill Valley homes and is just steps from all of the wonderful amenities that downtown Mill Valley offers.
4 BD 3 BA 6251 Lot SF $3,800,000
This stately shingle home boasts enormous curb appeal!!
Beautiful vintage architecture and character, with tasteful modern updates throughout.
Hardwood floors, beautiful moldings and baseboards, wainscoting and many other period details, high ceilings, and abundant natural light throughout.
Large remodeled kitchen, formal dining room, spacious living room, and sitting area, as well as a large multi-purpose room with ensuite bathroom, which could be used as an office, family room, gym, or bedroom.
An additional ensuite bedroom completes the main level.
Upstairs features two additional bedrooms, a full bathroom plus the large en-suite Master bedroom.
Kitchen/family room opens to the large landscaped and flat yard. Level lawn and patio areas.
Attached garage plus driveway.
Dreamy master, A++ location!!
Please see my website for a
comprehensive list of sales
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.