Marin Market Update


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Quarterly Marin Market Update
Q3 2018


From Pacific Union International Chief Economist Selma Hepp – Oct. 15, 2018

Third-quarter housing market activity in Marin County struck a new balance between buyers and sellers following a period of strong buyer competition and depleted inventories. Sales of homes priced below $1 million slowed notably, as budget-conscious buyers faced higher mortgage rates and a shortage of homes for sale. As a result, sellers were more likely to reduce their initial asking prices than at the same time last year.

Buyers of higher-priced homes were also less active, primarily for those priced between $2 million and $3 million. Buyers took longer to shop, leading homes to linger longer on the market than during the first half of 2018. But, while buyers were more cautious, the share of homes that sold for more than asking price remained relatively steady.

Given the greater balance between buyers and sellers, home prices grew at a slower rate than they did earlier in the year, although the rate of appreciation was still solid.

Looking Forward: Cautious buyers coupled with higher mortgage rates and trepidation about macroeconomic conditions may depress home sales in the fourth quarter, typically a slower time of the year. The rest of 2018 and the beginning of 2019 should bring more normalized conditions to Marin County’s housing market.

Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts includes single-family homes in these communities.

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