Market Report - January 2023

Marin County Real Estate
January 2023 Report

2022 Review of Selected Indicators

Real Estate Market Statistics, Comparing Q4 2022 to Q4 2021:

Quarterly Median House Sales Price: Up 2% from Q4 2021
Quarterly Median Condo Sales Price: Up 7% from Q4 2021
Quarterly Sales Volume: Down 32%
% of Homes Selling over Final List Price: 37%, down from 59% in Q4 2021
Sales Price to Original List Price %: 96% (4% below list price), down from 104% in Q4 2021
Average Days on Market: 37 days, up from 32 days in Q4 2021
Absorption Rate (% of listings into contract): 49% of listings, down from 73%
Luxury Home Sales Volume, Sales $4 Million+: Down 25% from Q4 2021
Annual median house price changes 2021 to 2022can also be found within this report.

Major Economic Indicators in 2022:

Weekly Avg. 30-Year Mortgage Rate: Climbed from 3.11% to 6.42% (but is down from the 7.08% peak in November 2022)
Consumer Price Index (inflation rate): January to November, dropped from 7.5% to 7.1% (It is down from 9% peak in June 2022, but up from 1.4% in January 2020.)
S&P Stock Index: Opening to closing bell in 2022, down approximately 19.4%
Nasdaq Stock Index: Opening to closing bell in 2022, down approximately 33.5%
Employment: Bay Area unemployment rates remain close to historic lows. (According to the WSJ, Most laid off tech workers are finding jobs shortly after beginning their search).

Mortgage application activity sunk to a quarter century low this week as high mortgage rates continue to weaken the housing market. While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023. Home buyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tail wind of Millennial renters will provide support to the purchase market. 
FHLMC, 1/5/2023
 
In 2022, the market saw a dramatic shift from Q2 (spring), at which time the market peaked after a dramatic 10- year upcycle supercharged at its end by the pandemic boom, through the 2nd half of the year, when the market cooled significantly. Prompted by a number of economic factors - especially inflation and interest rates, and financial markets - this played out in substantial declines in sales volumes, median sales prices, appreciation rates, and virtually all the standard measurements of buyer demand. However, tens of thousands of Bay Area homes continued to sell in the 2nd half, considerably, but declining percentage still selling quickly at over asking price. On the other hand, some buyers are making the best deals in years. For sellers, pricing, preparation, and marketing are now critical, while buyers shouldn't hesitate to negotiate aggressively, especially on homes with longer days-on-market.
 
The period from just before Thanksgiving through mid-January usually sees the lowest levels of listing and offer-acceptance activity of the year, so it's difficult to derive definitive conclusions about market trends from its numbers. The early spring market which, weather cooperating, can begin as early as February in the Bay Arewould typically provide the next major indicator of market direction, but developments may occur sooner to provide increased clarity regarding what awaits us in 2023. For the time being, the market remains in a period of adjustment, with major macroeconomic conditions still in flux.
 
This report will look at the market from a variety of angles, including annual, quarterly, and monthly data. Because of the large shifts in the market that occurred between the 1st and 2nd halves of the year, annual data will often disguise these changes, blending as it does heated, peak-market data with data in which very different conditions prevailed.

Current Active Listings per Town

BELVEDERE

CORTE MADERA

FAIRFAX

GREENBRAE

KENTFIELD

LARKSPUR

MILL VALLEY

MUIR BEACH

NOVATO

ROSS

SAN ANSELMO

SAN RAFAEL

SAUSALITO

STINSON BEACH

TIBURON

528 Montford Avenue, Mill Valley
 
4 BD | 3 BA | 3,171 SF
 
Listed at $3,495,000
 
This south-facing Homestead Valley home is bathed in natural sunlight and offers gorgeous valley views and privacy. The Stolte Grove of redwoods is just steps away. Well-known open-space trails are nearby which lead to Four Corners, Muir Beach, Mt. Tam, Stinson, and many other natural wonders that Marin County offers. The Homestead Valley Community Center and Pool are close at hand.
 
This is an elegant Mediterranean-style home with a low-maintenance clay tile roof and stucco walls. Mature plantings including trellised flowering vines, lemon and olive trees, bougainvillea, and other lush plants give this home a resort-like feel. Rebuilt from the ground up in 2000 this special home is a rare find. Your family will stay connected with a terrific open floor plan and a wonderful relationship with the outdoors!

Please see my website for a 
comprehensive list of sales

Visit Page

Sharon Kramlich

DRE #: 01184449
M: 415.609.4473
sharonkramlich.com
[email protected]

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.

Leave a Message

Thank you for your message. We will be in touch with you shortly.

January 2023 Market Report

Leave a Message

Thank you for your message. We will be in touch with you shortly.

January 2023 Market Report

Work With Me