The median worth for a single-family dwelling in Marin County slipped to $1.5 million final month beneath the load of upper rates of interest and a traditional seasonal slowdown.
The December median worth, launched this week by the county assessor’s workplace, is down practically 30% from a peak of $2.12 million in April. The median worth in December 2021 was about $1.49 million.
The median worth is the purpose the place half the homes promote for more cash and half promote for much less. The county noticed 118 single-family dwelling gross sales final month, down from 170 the earlier December.
Properties that offered final month in Marin for a mean worth of $1.5 million included a number of four-bedroom houses in San Rafael, a three-bedroom dwelling within the Cascade Canyon space of Fairfax and a two-bedroom, one-bathroom dwelling in Heather Gardens neighborhood in Larkspur, based on actual property information agency Zillow.
Spirit Wiseman, the vendor’s agent within the take care of Fairfax, stated the true property market adopted the “legislation of the Tao,” ebbing and flowing like tidal cycles. She stated the drop in dwelling costs is a wholesome adjustment after final yr’s boosted presents and money presents.
“It is somewhat disturbing to see the costs so excessive,” stated Wiseman, who works for Engel & Völkers. “I really need atypical folks to have the ability to store.”
Jennifer Bowes, the client’s agent for the Larkspur sale, stated she represents a household that’s shifting for varsity. Her shoppers have been in a position to receive the property after one other purchaser backed out in the course of the comparatively gradual vacation interval.
“We really acquired somewhat fortunate,” stated Bowes, the Novato-based Compass agent. “I feel we acquired good worth there.”
Bowes stated the market has “plenty of pent-up purchaser demand now that rates of interest have come down.” She stated she hopes to be up and working within the first fiscal quarter after the rain stops and extra houses come available on the market.
“I do not assume it may be a double-digit acquire, however I feel it may be regular, possibly single-digit appreciation,” she stated.
The U.S. weekly common for a 30-year fixed-rate mortgage was 6.33% on Thursday, down from 6.48% final week, based on Freddie Mac, the federal mortgage firm. A yr in the past, the typical was 3.45 p.c.
“Whereas mortgage charges have continued to say no, the market stays hypersensitive to charge actions, with buy demand experiencing massive swings relative to small adjustments in charges,” Sam Khater, Freddie Mac’s chief economist, stated in a launched assertion. “Over the previous few weeks, latent demand has been seen with patrons shifting out and in of the market as charges have moved.”
Rob Spinosa, a mortgage banker in San Anselmo, stated many owners are nonetheless hesitant to listing their properties as a result of they have already got favorable mortgage phrases and residential costs are nonetheless comparatively excessive.
Historically, he stated, extra homeowners determine to listing round mid-February. He stated motivated patrons do exist.
“I feel they’re nonetheless ready to see what comes out available in the market,” stated Spinosa, who works for Assured Price. “The mortgage trade, everybody cannot watch for that day.”
Belvedere had the very best median dwelling worth in Marin final month at $4.65 million throughout three gross sales, based on county information. Tiburon adopted carefully behind with practically $4.5 million throughout two gross sales. Ross, usually the value chief, had no dwelling gross sales in December.
Different median costs final month included $3 million at three gross sales in Sausalito; $2.2 million in eight gross sales in Larkspur; $1.755 million in six gross sales in Mill Valley; $1.62 million in seven gross sales at Corte Madera; $1.5 million in 24 gross sales in San Rafael; $1.5 million on 31 gross sales in unincorporated elements of the county; $1.325 million in six gross sales in Fairfax; $1.3 million in 5 gross sales in San Anselmo; and $1.14 million in 23 gross sales in Novato.
In Marin County’s condominium and townhome market, the median worth final month was $809,950, up practically 4% from $780,000 the earlier December. The county recorded 46 such gross sales final month, which is a lower from 61 the earlier yr.
On the excessive finish of the condominium market, three offered in Tiburon final month for a median worth of $1.3 million. The costliest was 2.8 million {dollars}.
