March 2023- Marin Market Report

2023 Market Indicators Turn Positive
(But Interest Rates Climb Again)
March 2023 Market Report

After the acute decline in market activity occurring in the 2nd half of 2022, buyer demand rebounded dramatically and most market indicators turned positive in early 2023: Open house traffic, number of offers, and overbidding and absorption rates all saw substantial improvement.*
 
It is too early for significant effects to show up in home prices: Indeed, through February, 3-month-rolling median house sales prices saw year-over-year declines across all Bay Area counties. (These percentage declines should be regarded cautiously until substantiated over the longer term.) Even with the striking improvement in demand over late 2022, most year-over-year indicators remain depressed, but these comparisons are with the severely overheated conditions prevailing at the peak of a 10-year housing market upcycle. The market was still just waking up in February. March through May is typically the most active listing and sales period of the year, and should soon provide much more data on supply, demand, and price trends. Over the last 3 years, spring markets were deeply affected, in very different and often surprising ways, by the onset of the pandemic (2020), the pandemic boom (2021), and soaring interest rates (2022).
 
As has been the case for the last 14 months, the biggest wildcard remains interest rates: After dropping considerably in January from a November peak, they climbed again in February, with big impacts on loan application rates. It has been very challenging to predict short-term interest rate changes. Another major factor is the substantial decrease in the number of new listings coming on the market over the last year, a critical issue with wide ramifications if it continues.
 
*Sales in one month generally reflect deal-making in the previous month and often pertain to listings that have already been on the market for months longer. Many real estate statistics are lagging indicators, and even dramatic shifts in demand may show up only very gradually in their readings.

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

Sold!

Downtown Mill Valley

91 Sunnyside Ave

4 BD 3 BA 6251 Lot SF $3,800,000

Sold at $4,175,000!
9.9% above the asking!
 
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

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.

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March 2023 Market Report

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March 2023 Market Report

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