The median price for a detached home in Marin was $1.8 million last month, the same as the prior July, according to new data from the county assessor’s office.
The figure was a slight decline from June, when it was $1.875 million. The median price is the point at which half the homes sold for more money and half for less.
Median prices for detached homes in Marin crested above $2 million in April and May before falling back. The $1.8 million mark remains one of the higher points for a market that, just five years ago, had a median price of about $1.2 million.
“Marin’s real estate market is starting to show signs of cooling down,” said Shelly Scott, Marin’s assessor-recorder-county clerk. “The change has been gradual in recent months. Two possible factors are summer travel and a rise in the interest rates as first-time homebuyers are sidelined by higher mortgage rates.”
One home that sold at the median price last month was 224 Marin Ave., a 1,407-square-foot residence in Tamalpais Valley. It was listed at $1.65 million and had the $1.8 million offer pending in about 10 days. The selling agent, Ethan Moeller of Coldwell Banker in Mill Valley, describes the market as neither declining nor hot, but one that is emerging from the quiet summer.
“My prediction is that prices should hold, not come down,” he said. “This market is all going to be about property preparation and pricing. There’s plenty of buyers out there.”
“The listing price needs to be thoughtful, maybe, toward anticipating a fewer number of offers,” he said. “We’ve been in such an inflationary pricing environment that you almost could not misprice a home previously. And now we’re trying not to make any errors on prices.”
The highest median price for Marin last month was $3.3 million in Tiburon, where 10 detached homes were sold, according to the county data. Other median prices included $2.93 million on six sales in Sausalito; nearly $2.7 million on four sales in Larkspur; a $2.6 million sale in Belvedere; $2.04 million on eight sales in San Anselmo; and nearly $2.03 million on 14 sales in Mill Valley. The other areas of Marin ranged from $1.25 million in Novato to $1.95 million in Corte Madera.
The assessor’s office reported 182 sales of detached homes in Marin last month, down from 267 the prior year.
In the Marin condominium and townhome market, the median price was $886,415 last month, up 12% over the prior year and 14% from June of this year. The median prices ranged from nearly $1.9 million in Tiburon to $677,000 in Sausalito.
Sixty-eight condos and townhomes were sold in the county last month, compared with 105 the prior July.
Statewide, the median price for a detached home last month was $833,910, a 2.8% year-over-year increase but a 3.5% decline from June, according to the California Association of Realtors. The number of sales declined 31.1% from the previous July.
In the Bay Area, the median was $1.3 million last month, compared with $1.4 million in June and just over $1.3 million the prior July, the association reported. The number of sales declined about 37% year over year.
“Home sales have taken a trouncing as the market has shifted in response to the recent surge in interest rates, and pending sales suggest that the market could remain soft in August,” Jordan Levine, the association’s chief economist. “The pace of sales declines is expected to slow in the coming months, however, as rates continue to stabilize, market volatility begins to subside and supply conditions further normalize.”
The U.S. weekly average for a 30-year fixed-rate mortgage was 5.13% as of Thursday, according to Freddie Mac, the federally chartered mortgage company. A year ago it was 2.86%.
Median home prices flat in year-over-year data & Latest News Update
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