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Ted Strodder

Golden Gate
Sotheby's International Realty
189 Sir Francis Drake Blvd
Greenbrae CA 94904

“No September Slump Seen in Marin Yet Despite Price and Sales Drop Off Elsewhere”

It’s September in Marin, with some of our best weather this month and next. Warm temperatures are the norm temperatures for the next eight weeks before the ultimate fall cooling kicks in. Whether or not the real estate market cools is a whole other story, though we’ve only seen a trace of what other parts of the country are getting. Google the words “real estate market” and you will get over a billion results (1,160,000,000) as of today. If you scroll through you’ll see not one site boasts anything to do with a strong home sales market or prices going up. Quite the opposite, as a matter of fact. I stay on top of some YouTube channels that are fairly balanced in their approach here but the one take away you’ll get (though not overtly) is that it’s a regional phenomenon, one that often varies by neighborhood or town. Given how eclectic Marin can be with housing variations, it’s tough to generalize much here with market trends. One house can sell in a week with five offers still today while the one across the street sits for weeks or months as it doesn’t have the same yard, view, layout, etc. So we continue to buck the national trend due to our fixed supply and growing demand. 

Who knows what lies ahead going forward, but smart sellers are pricing “effectively” to sell, not sit on the market. For the month, 238 homes sold here, which is down 100 from August last year, but inventory is also lower. If homeowners continue to stay and not sell, we should see the same healthy balance going forward. 

Meantime, buyers are still stepping up and buying, often after one or even two price reductions. Yes mortgage rates are higher, but not exactly “high” if you look over time. Many of my buyers think rates are still cheap around 5%, given what they saw in the 80’s and 90’s. I’ve heard more than once that their plan is to refinance in a few years when rates likely will ease and come down. 

That’s it for September. It’s a whole new world and I for one am very curious to see what happens. In my thirty-five years of doing this, I’ve never seen anything like what we have now with sales moving up ever so slowly, even in the face of often severe price reductions in over-built areas nationwide. Until next time, enjoy September wherever you are and please stay safe. As always, thanks for reading.