Feature image for Marin: December 2023 Market Stats

December 11, 2023

Marin: December 2023 Market Stats

By Compass

"For the sixth straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding. The combination of continued economic strength, lower inflation, and lower mortgage rates should likely bring more potential homebuyers into the market." Freddie Mac (FHLMC)

Stock and bond markets - which greatly impact household wealth, consumer confidence, and interest rates - were generally characterized by deep pessimism in October, but with significant changes in economic indicators such as inflation, and a continued pause in benchmark rate increases by the Fed, financial markets abruptly shifted to enthusiastic optimism in November. That translated into a dramatic plunge in mortgage rates, which has caused mortgage applications to increase over recent weeks.

Since the homebuying process usually takes 30 to 60 days, from loan qualification and making an offer to a closed sale, sales might see a bounce in December, or - since the midwinter holiday period typically sees the annual low point in new listing (and thus sales) activity - more likely in early 2024 (subject to these positive trends continuing).

In January 2023, buyer demand saw a substantial rebound due to a similar drop in interest rates in late 2022.

Mortgage Interest Rates, 9/1/23 - 12/6/23 30-Year Fixed-Rate Loans, Daily Average Readings*Marin County Home Price Trends since 1990 Monthly Median House Sales Prices, 3-Month Rolling AverageMarin County House Value Trends since 2005 3-Month-Rolling Median Dollar per Square Foot Values*Marin County Condo Price Trends since 2005 3-Month Rolling Median Condo Sales PricesNew Listing & Home Sales Volumes: Broad, Longer-Term Trends Marin County, 12-Month-Rolling Data since 2005*New Listings Coming on Market Marin County Market Dynamics & SeasonalityMarin County Homes Market Active & Coming-Soon Listings on 1st of Month*Active Listings on Market - Longer-Term Trends Marin County Market Dynamics & SeasonalityListings Pending Sale (in Contract, Offer Accepted) Marin County Market Dynamics & SeasonalityMonthly Sales Volume Marin County Market Dynamics & SeasonalityMarin County Home Sales Trends, 2021-2023 Year-over-Year, Year-to-Date Sales by Price Segment*Marin County Luxury Home Sales by Month.Homes Selling for $4 Million+ since 2020Price Reductions on Active Listings Marin County Market Dynamics & SeasonalityAverage Days on Market: Speed of Sale Marin County: Market Dynamics & SeasonalityOverbidding List Prices in Marin County Percentage of Home Sales Closing over List Price, since 2018Average Sales Price to Original List Price Percentage Marin County Over/Under Bidding: Market Dynamics & SeasonalityHighlights from the "2023 Profile of Home Buyers and Sellers" Published by the National Association of Realtors®, 11/13/23U.S. Homeowner: "Probability of Moving" in Next 12 Months Federal Reserve Bank of New York, Survey of Consumer Expectations*Mortgage-Free Homes National Percentage: Homes Owned Free & Clear**

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