Feature image for Marin: Feb 2023 Market Stats

February 17, 2023

Marin: Feb 2023 Market Stats

By Compass

Historically December is the month that sees the year’s lowest level of deal-making activity – i.e. listings accepting offers (going into contract) – which leads to January usually posting the lowest monthly number of closed sales. (Sales typically close 3 to 6 weeks after going into contract.) In the 11-county, greater Bay Area, accepted-offer activity in December 2022 and closed sales volume in January 2023 generally hit their lowest monthly points in 14 to 15 years. (SF hit lower points in listings going into contract in January 2019 and, after the pandemic hit, in April 2020.)

Typically, after the long holiday slowdown, the market just begins to wake up in mid-January before accelerating into the busiest spring market. That being said, inflation has dropped substantially since June and interest rates since November, home prices are well down from last spring, stock markets are up 8% (S&P) to 15% (Nasdaq) YTD as of 2/3/23 (albeit with continuing volatility), and despite escalating layoffs in high tech, early indications in 2023 point to rebounding buyer demand. Open house traffic has jumped, more buyers are requesting listing disclosure packages, and there have been increasing reports of multiple offers and (often unexpected) overbidding of the asking price. Based on this preliminary data (much of it still anecdotal*), buyer demand severely repressed by economic conditions in the 2nd half of 2022 has begun to bounce back.

A similar rebound began in mid-late summer 2022 for similar reasons – a significant drop in mortgage rates and a large rise in stock markets – which quickly faded when positive economic developments reversed. Market activity then slowed further through the rest of 2022. There are currently considerable hopes for a more lasting economic recovery in 2023.

Mortgage Interest Rates, 2022 -2023 YTD 30-Year Conforming Fixed-Rate Loans, Weekly Average ReadingsFinancial Markets since 2022 Began Percentage Declines, January 3, 2022 - February 3, 2023Marin County Home Price Trends since 1990 Monthly Median House Sales Prices, 3-Month Rolling AverageMarin County Condo Price Trends since 2005 3-Month Rolling Median Condo Sales PricesMarin County Median Home Sales Prices by Bedroom Count*Marin County Median Home Sales Prices by Bedroom Count*Marin County Home Price Trends - by Bedroom Count Median Sales Prices, by Quarter, 01 2018 - 04 2022Marin County 2+ Bedroom House Sales 6 Months Sales by Price Segment & Bedroom CountNew Listings Coming on Market Marin County Market Dynamics & SeasonalityActive Listings on Market Marin County Real Estate Market Dynamics & SeasonalityListings Accepting Offers (Going into Contract) Marin County Market Dynamics & SeasonalityMonthly Home Sales Volume - Longer-Term Trends Marin Real Estate Market Dynamics & SeasonalityMarin County Higher-Price Home Market Home Sales, $3 Milliont, by Month - Longer-Term TrendsMarin Luxury Home Market Homes Selling for $4,000,000+, 12 Months SalesUltra-Luxury Home Sales, $5 Million+* Bay Area Luxury Home Market since January 2021Market Demand by Price Segment Marin County, Percentage of Listings Going into ContractMonths Supply of Inventory (MS) - of Active Listings on Market Marin County Real Estate Market since 2018Overbidding 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 & SeasonalityAverage Days on Market - Sold Listings Marin County: Market Dynamics & SeasonalityListings Expired or Withdrawn from Market (No Sale) Marin County Market Dynamics & SeasonalityPrice Reductions on Active Listings Marin County Market Dynamics & Seasonality

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.