As we approach the final months of 2024, Marin County’s real estate market reflects the changing dynamics of inventory, prices, and buyer demand. Here is a detailed breakdown of the market performance, highlighting trends and insights for both buyers and sellers in Marin County.
Inventory Trends: Homes For Sale
- The number of homes for sale in Marin County began at 201 in January and peaked at 507 in September, indicating the market's usual seasonal patterns. However, inventory has tapered off toward the end of the year, with 358 homes available in November.
- New listings saw a similar pattern, with a strong start of 147 in January, spiking to 282 in May, and falling to just 70 new listings in November. Sellers appear to be stepping back in the final months, reflecting seasonal cooling.
Sales Performance
- Homes Sold: The market started slowly with 86 sales in January, gradually increasing to a peak of 240 homes sold in May. However, by November, sales dropped to 169.
- Pending Sales: Pendings peaked in May at 246, showing strong buyer demand earlier in the year, while November closed with 177 homes pending.
These figures reflect a classic seasonal trend, where the spring and early summer months remain the most active for Marin County real estate.
Market Conditions: Inventory vs. Demand
- Months of Inventory for closed sales ranged from 1.7 months in June (indicating a very strong seller’s market) to 3.1 months in August.
- The absorption rate for closed sales peaked at 57.8% in July, showing heightened activity and a competitive market for buyers. By November, the absorption rate remained solid at 47.2%.
Pricing Insights
- Average Active Price: Marin County's average active price reached a high of $3,035,000 in March and dropped to $2,566,000 in November, reflecting possible adjustments in luxury home inventory.
- Average Sold Price mirrored these changes, peaking at $2,042,000 in May before settling at $1,817,000 in November.
- Median Sold Price: The median sold price followed a similar trend, starting at $1,325,000 in January, peaking at $1,598,000 in May, and softening slightly to $1,380,000 in November.
The data reveals a steady price appreciation in the first half of the year, driven by strong demand, but the cooling market is normal for this time of year.
Key Competitiveness
- Homes have continued to sell close to their asking price. The Sold/List Price Difference hovered around 100-104% throughout the year, signaling competitive offers and limited negotiation room for buyers.
- Days on Market decreased significantly mid-year, dropping from 66 days in January to just 31 days in April. However, homes stayed on the market longer in the fall, with 52 days on market in November.
Key Takeaways for Marin County Real Estate
- Seasonal Activity Dominated 2024: The spring and summer months remained the hottest periods for sales and pricing, while the market naturally cooled in the latter months.
- Inventory Challenges Persist: Although inventory increased mid-year, it remains tight overall, making it a competitive market for buyers.
- Home Prices Adjusted: While average prices softened toward year-end, overall market performance indicates resilience.
- Buyers Are Still Active: Homes continue to sell quickly and close near asking prices, especially for well-priced properties.
Looking Ahead to 2025
As Marin County wraps up 2024, both buyers and sellers have opportunities to take advantage of the current market. For sellers, properly priced homes will attract serious buyers even as activity cools. For buyers, the slower months may offer a window to find opportunities before the market picks up in spring 2025.
Whether you’re considering selling your home or purchasing a property in Marin County, staying informed about these trends will help you make the most strategic decisions.
For a personalized analysis of your home’s value or insights into buying opportunities, feel free to reach out.
Data Source: BAREIS MLS
