Multiple Offers In Marin County

2023 v 2022

September is often a telling month for Marin real estate trends. We've returned from summer travels, the weather is wonderful, and there's usually an increased energy in the market. This September was no exception. We're seeing lots of buyer activity, and also a slightly increased number of new listings. 

Here are some indicators from September 2023 compared to September 2022: 

More Buyers. There's plenty of confidence in the market, and cash buyers are stepping up. With a sense that we're close to the end of Federal Fund Rate increases, more buyers getting loans want to buy now and refinance in the future at lower rates. 

Increase in Multiple Offers. Sales over list price, mostly multiple offers, are increasing. In the Marin County, 49% of the sales were over list price. In Mill Valley, 65% were over list. In San Anselmo, 80% were over, and in West Petaluma, 92% were over. Novato, where there is more inventory, had 36% of the sales over list. 

Price per Square Foot is slightly down, but increasing in some markets. Across Marin County, $/square foot is down 4% to $929/SF.  However, Mill Valley is up 8% to $1227/SF and San Anselmo increased 19% to $1022. Novato, where there is more inventory, dropped 5% to $622/SF, and West Petaluma was down 6% to $677/SF.

Unit Sales and Inventory Remain Down. Marin County sold 132 units, down 16%. Mill Valley had 43% fewer sales, and San Anselmo had 16% fewer sales. Novato, with more inventory, had 20% more sales.

Looking Forward

Fall Market Surge with a Rapid Seasonal Slowdown.  Following strong September & October activity - consistent with the annual cycle -  listings and sales will drop as we approach the holidays and rainy season. 

Buyer Surge in Q1 & Q2 of 2024. We're not out of the inflation challenges yet, but we're getting close. We spoke to one mortgage broker who is holding over 400 applications. Expect multiple offers for properties that are well prepared and reasonably priced. Buyers, it's so important to have finances in line, and fully underwritten if possible.

Low Inventory, Slowly Improving. In Marin we've been running at about 220 unsold houses most of this year. This Fall that number is up to almost 300. Don't expect a dramatic surge in inventory, but there should be a slight increase. 

Team Member Spotlight

Does Harvest Season get you thinking about Wine Country? 

Do you know anyone interested in looking at the Petaluma or Sonoma market?  

Amy Reed/DaVirro is a true professional and a Petaluma resident with extensive knowledge in Petaluma/Sonoma and Marin markets. 

Amy can be reached at 415.302.3162, or [email protected].

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