April 14, 2023
Marin: April 2023 Market Stats
Buyer demand continued to rebound from the depths of the mid-winter slowdown: The number and percentage of listings going into contract, and overbidding percentages continued to climb, and days-on-market dropped as the spring selling season gained traction. Buyers generally shrugged off the local banking crisis, the main effect of which, so far, has been a significant drop in interest rates in the 4 weeks after SVB collapsed.
But though conditions have improved considerably, the market remains significantly weaker on a year-over-year basis, and across the Bay Area, median house sales prices have declined. However, it's worth remembering that the market in Q1 2022 was severely overheated and approaching the peak of a historic, 10-year boom. This will distort many year-over-year comparisons.
The number of new listings coming on the market continues to be very low, as potential sellers hold off from listing their homes due to the doubling of interest rates since early 2022: This constitutes a huge factor in market dynamics and is undoubtedly holding back sales activity.
Across the Bay Area, year-over-year declines in quarterly sales volumes in the highest price segments have outpaced drops in less expensive home sales, and their demand-to-supply ratio is weaker. But luxury home sales too, have been rebounding in 2023. April, May & June sales volumes are commonly among the highest of the year, and this is especially true for luxury home sales.
Want to learn more about Bay Area market trends?
Let’s connect! With relationships and networks across the city, there are a variety of ways I can help you make informed real estate decisions. Call, email, or text – I’m here to help.