Well...here is is October 25th, and it was September 21st when the Fed announced the most recent 75 basis point increase. From there, we all watched the stock market drops and real estate slowdown. Interest rates in the 6's were often baked in, compared to the 3% ranges available earlier in the year.
What's happened in Marin?
Historically, when the housing market drops across the country, Marin unit sales go down, and prices just tend to flatten. There's a chart that shows the average sales price in Marin since 1965. Taking out the 2008 loan crisis, the average price in Marin has continued to go up every year but two in the early 90's where prices dropped about $1000.
We're seeing a similar trend in the last 30 days. The median single family sales price in Marin is $1,720,000, up 2% from the same period last year. The average price/square foot is $991, up 11%. There were 141 unit sales, down 35%. Mill Valley's median price was $2,027,000, up 7%, and the units were down 19%.
Will this continue? We'll be watching. Do expect a continued shortage of good properties. Many owners will just hold on to their lower percentage loans, and wait until the buyer surge comes when inflation starts to downtrend before they put their homes on the market.