March 2017: Marin Market Marches Forward

March is here in Marin, following the wettest February on record, for us and for the state. Record rains filled reservoirs to capacity (or beyond) all over northern California, signalling an end to the drought and much relief to central valley farmers. Things should start drying out this month and next, but what about the housing market. Will the drought of new inventory also end? Possibly, given all we know. Here’s more on that, but let’s back up a couple months.

December and January are snail-slow for Marin County real estate. The weather, the holidays, vacations, more weather, who really knows why. But typically, things start to crank up in mid February and by March 1st, the selling season is in full swing. Not so this year. The relentless rains pounded the county and most home sellers into submission, leaving our morning computer screens nearly empty with new, Active inventory addresses. Properties still went into escrow, showing as Contingent, Pending or ultimately Sold, further decreasing what few listings were available. Increasing demand, limited, fixed supply: it’s all math and we don’t see any change with that as more people pour into the state.

Smart sellers who keep in step with our slow appreciation and price right are usually rewarded with at least one strong offer. But over-pricing is still rampant and can often result in a final sale price below what most of us saw as true market value.

Buyers stepping in (or back in after the winter break), you will see more properties hit the market from now, straight thru June. From there, it could be the usual July 5th summer break, which also lasts approximately two months. So by April / May, hopefully you’ll find something that is a 6 out of 10 for you. If it is, take a hard look at it. If it’s 7, 8, or even a 9 out of 10, make a strong offer. (There is no 10 out of 10, regardless of price range.) Just don’t worry. Time heals all offer-shock wounds in Marin. Give it a few months, you’ll never regret it.

For now, enjoy March, wherever you are. As always, let me know of any questions, thanks for reading and here’s to a great spring season for all of us.

TS

Text or call 415.377.5222 or <a href=mailto:ted@gomarin.com>ted@gomarin.com</a>

Filed under: Marin Real Estate Blog, Uncategorized by Ted Strodder