Feature image for Just Released: June 2023 Marin County Market Report

June 7, 2023

Just Released: June 2023 Marin County Market Report

By Compass

View of a Marin home sold by Chris Glave

Recapping the Spring 2023 Market

Median home sales prices have been climbing rapidly from mid-winter lows, though remaining well below peak prices hit in spring 2022. The number of new listings coming on market over the past 12 months was the lowest in over 20 years (and almost certainly much longer): This is commonly ascribed to the “mortgage lock-in” effect. As buyer demand rebounded in 2023, this has contributed to upward pressure on home prices. Sales volume over the period was the lowest since the post-2008 recession. New listing and sales volumes have risen from their nadirs in mid-winter but remain historically low.

Average days on the market – the speed at which sold listings went into contract – have plunged in 2023. The percentage of home sales closing over the asking price has rapidly increased, and the average home sale is once again selling above its original asking price. Luxury home sales remain well down from spectacular peaks seen at the height of the pandemic boom but have been rebounding since late 2022. May saw a large jump in luxury sales.

With bank crises, fed actions, inflation readings, and U.S. debt-default fears, interest rates have been volatile in 2023, with significant ups and downs. As of early June, 30-year, fixed-rate mortgages are running about a quarter percent below 7% (but rates can change quickly).

The 1st and 4th largest insurers of CA homes, State Farm and Allstate, have announced they will no longer write new policies in the state due to rising claims costs. It is too early to quantify the exact financial, political, and market effects of their actions or if other insurers will follow suit. Similar issues have come up in other states, such as Florida and Louisiana, and occurred with earthquake insurance in CA in the mid-1990s, leading to the creation of the CA Earthquake Authority.

Marin County Home Price Trends since 1990

2023 Bay Area Median Home Prices by County

Marin County Condo Price Trends since 2005

Marin County Home Value Trends since 2005

Marin County House Sales

Marin County Condo SalesLong-Term, 12-Month-Rolling, Overview of Supply & Demand

New Listing & Home Sales Volumes: Broad, Longer-Term Trends

Average Days on Market: Speed of Sale

Overbidding List Prices in Marin County

Average Sales Price to Original List Price Percentage

New Listings Coming on Market

Active Listings on Market – Longer-Term TrendsMarin County: Homes for Sale by Price Segment

Months Supply of Inventory (MSI) – of Active Listings on Market

Listings Pending Sale (in Contract, Offer Accepted)

Percentage of Listings Accepting Offers

Monthly Sales Volume

Marin County Luxury Home Sales by Month

Price Reductions on Active Listings

Mortgage interest rates since February 2023

Housing Units Permitted or Completed in 2022

Country population changes since the pandemic hit

Compass statistics disclosure

Want to learn more about the Marin market?

Contact me for exclusive insight. 

– Chris Glave


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