Despite the summer slowdown, the Marin market keeps moving ahead at a hot pace.
Currently, there are 814 homes on the market of which 43% are in escrow and this is indicative of the ongoing challenge of a low inventory. Approximately 71% of homes get multiple offers, and we continue to see a seller’s market with an average of 45 days on market. More high-end homes are selling with 26% of homes in the $1-$2 million range, 19% in the $2 -4 million, and 10% over $4 mill. The appreciation in value has put many homeowners in an equity position (market value exceeds debt) which has allowed sellers to sell without a loss., and a huge reduction in distressed sales.
We are seeing many sales as investor purchases – approx 20% of the market - and more buying to rent rather than buying to flip. We see prices moving up slightly but at a slower pace than in the previous quarter, and we expect continued growth in the coming months, although there will be a slow down at the end of the year should the Feds increase mortgage rates, which is expected. This is all the more reason to consider selling sooner rather than later, and buying at these reduced rates. Call us for professional advice.
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