The Spring Market Continues to Recover & Accelerate
Looking at the overall Marin County Real Estate Market, buyer demand continues to rebound from late 2022. Though mortgage applications are still well down year over year, many buyers have accepted higher interest rates as the ‘new norm’ and decided to move forward with a home purchase. At publication, interest rates have recently trended slightly downward. Inventory in Marin continues to be very low so the buyers that are looking don’t have many options as we have constrained supply. Homes that are priced correctly or just under the market are still selling with multiple offers.
There are a lot of cash buyers out there, but the majority of purchases are trending to be financed. Open houses are seeing increased traffic, more listings are selling, and selling more quickly with multiple offers. Median sales prices have generally ticked up in 2023, though still down across the Bay Area from the market peak seen in spring 2022.
So far, the 2023 housing market has generally been steadily moving in a positive direction.
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