There was a recent article in the SF Gate that quoted San Francisco prices in December 2022 down year over year 5.1%, one of the largest decreases in the nation.
Not so much in Marin...the market is following its historical trend when in a soft cycle. Unit sales do go down, but prices only tend to stabilize. Marin is always short of housing, and it's the Bay Area's playground. People want to live here, and that keeps prices healthy.
A good indication of market performance is to look at the October-December 90 day period, when interest rates and caution were high. Marin's single family median price was $1,645,000, +$35,000 to the same year over year period. The average $/square foot is $906, - $8. There were 410 single family homes sold, -170 homes. An interesting detail is that 135 homes still sold over list price.
Here's a few specific town sales year over year fourth quarter info, including a few wacky numbers since we're dealing with a small number of sales:
- Mill Valley. Median price is $2,122,000, +$120,300. Average $/square foot is $1057, -$3; Sixty two homes sold, -22 homes. Twenty seven of them sold over list.
- Sausalito. Median price is $2,476,000, +$456,000. Average $/square foot is $1268, +$182. Fourteen homes were sold, -1 home. Five sold over list. Sausalito is a small market with eclectic properties, hence the broad swing.
- Tiburon. Median price is $4,250,000, +$1,230,000. Average $/square foot was $1219, -$26. Nineteen houses sold, -14 homes. Only 2 sold over list. That's obviously an unusually large swing too.
- Larkspur. Median price is $2,523,000, -$2000. Average $/square foot is $1,298, + $81. Seventeen houses were sold, the same as last year. Nine sold over list.
- San Anselmo. Price did drop here, likely because of the slightly longer commute with more companies reducing work at home options. Median price is $1,352,000, - $223,000. Average $/square foot is $892, -$64. Homes sold were 24, -20 homes. Ten sold over list .
- Novato. Median price is $1,210,000, +$10,000. Average $/square foot is $597, -$17. Homes sold were 42, -40 homes. Fifteen homes sold over list.
- San Rafael. Median price is $1,595,000, +$15,000. Average $/square foot is $801, +$15. Homes sold were 95, -31. Twenty five homes sold over list.