“August in Marin: That’s Not the Market I See Outside My Window”

It’s August already here in Marin, with some of the best weather well underway, both here and in the state. If you have a digital screen of any size, you can see that’s not always the case in other counties or states. What a diverse world we live in, going from blazing hot and dry, to tornadoes and rain elsewhere. And it’s not even the start of hurricane season yet. Reminds me of the diverse conditions going on in the real estate markets nationwide also. 

Those same screens you rely on are important to most of us. They provide real-time information of all kinds, ranging from ever-changing weather, to a fluctuating economy, to a man choosing to dress himself daily in a $14,000 dog costume, a Collie, if by chance you haven’t seen that newsworthy nugget. We also see more news on home prices nationwide, which can vary like the temperatures, without changing rapidly like the weather itself. It’s slow going, folks, with significant changes often taking months or years. But change it has and therein lies the diversity. 

We all see that home prices are crumbling in many large, high-growth areas that have all seen a skyrocket in their housing inventory also. Much of that is new construction, along with people who did a quick, pandemic-driven move in order to WFH, only to be asked to return to the office, only to then say, WTF. The For Sale sign then goes up, adding to several already on the block. That’s the story in Denver, Phoenix, Austin and Boise, where hundreds of homes can be for sale in any given housing development or area. But it’s not the view I see out my window. 

A more different market you couldn’t have designed. The inventory in Marin is as low as it’s ever been, leading to a dramatic decline in sales. If there’s not much to sell, there’s not much to buy. The median price IS down, 7% over the height of last year. But charts show that due to the typical spring spike in prices. We’re flat with August 1st of 2022. Take a look out the window of your home and you’ll see what I mean. There likely may not be one For Sale sign in your own neighborhood, or others nearby. Look out the window of your car as you drive around. Likely the same thing. That’s the view, as I see it. Who knows what this month will look, or next. But most of us see much of the same going forward. 

That’s it for now. Until next time, enjoy August wherever you are and please stay safe. As always, thanks for reading.

Ted

415.377.5222

ted@gomarin.com

Filed under: Marin Real Estate Blog by Ted Strodder