The median value of a indifferent house in Marin County fell to $1.675 million final month, almost wiping out the beneficial properties for the 12 months, in accordance with the newest county knowledge.
The value was solely barely larger than in October 2021. It additionally marked a 21% decline since April, when the median value broke by the $2 million threshold and reached almost $2.12 million.
The median value is the purpose at which half the properties had been dearer and half much less. The October numbers had been launched by the county assessor’s workplace on Nov. 18.
One property that bought close to the median value final month was a four-bedroom hillside house on Greenhill Street in Mill Valley. The proprietor listed for $1.8 million in early July, however by then costs had began to slip. The vendor acquired a single supply about three months later and accepted $1.65 million.
Itemizing agent Audrey Moira Shimkas, a dealer with Berkshire Hathaway, mentioned the market erosion is obvious and sellers want to regulate their hopes.
“Proper now, if I’m moving into for an inventory, I’m going up in opposition to sellers’ expectations, and I higher have my statistics so as,” she mentioned. “Statistics don’t lie, and what they’re telling you is, it’s a correction.”
Nevertheless, she mentioned Marin and San Francisco stand to be considerably insulated from the broader value decline due to their low stock.
In line with county knowledge, the median costs for indifferent properties in October included $3.05 million on seven gross sales in Tiburon; $2.65 million on 16 gross sales in Mill Valley; $2.59 million on six gross sales in Larkspur; and $2.28 million on seven gross sales in Sausalito.
The median was $10.93 million in Belvedere and $10 million in Ross, however the figures are primarily based on only one sale in every municipality.
Different median costs final month included $1.79 million on 29 gross sales in San Rafael; $1.76 million on 45 gross sales in unincorporated areas of the county; $1.66 million on 10 gross sales in Corte Madera; $1.3 million on 4 gross sales in Fairfax; $1.3 million on 11 gross sales in San Anselmo; and $1.22 million on 34 gross sales in Novato.
The county logged 171 gross sales of indifferent properties final month, in contrast with 234 the prior October.
Within the Marin townhome and condominium market, the median value final month was $853,000, up about 19% from the 12 months earlier than. Gross sales declined from 86 to 57 from October 2021 to final month.
Regardless of the gross sales decline, Marin was one of many counties with the most important year-over-year improve in energetic listings, the California Affiliation of Realtors mentioned in its month-to-month market report. The affiliation mentioned energetic listings between October 2021 and final month elevated 113% in Yolo County; 106.8% in Merced; 105.7 % in Marin; 104% in Placer; and 103.8% in Yuba.
The median variety of days it took to promote a indifferent house in California elevated from 11 in October 2021 to 23 final month, the affiliation mentioned.
Statewide, the median value of a indifferent house final month was $801,190, a year-over-year improve of 0.3%, the group mentioned. Gross sales declined almost 37%.
Within the Bay Space, the median was $1.25 million, a year-over-year decline of two%. Gross sales declined 37.3%.
“With pending gross sales displaying a 50 p.c drop from a 12 months in the past, we will anticipate further tempering in housing demand within the coming months, as we beforehand forecasted,” mentioned Jordan Levine, chief economist of the California Affiliation of Realtors. “Residence costs will even reasonable additional over the subsequent a number of months as rates of interest stay elevated within the close to time period and seasonal elements come into play.”
The U.S. weekly common for a 30-year fixed-rate mortgage was 6.58% as of Thursday, in accordance with Freddie Mac, the federally chartered mortgage firm. A 12 months in the past, the typical was 3.1%.
Marin median house costs
Indifferent properties:
October 2022: $1,675,000
September 2022: $1,772,000
October 2021: $1,667,500
Condos/townhomes
October 2022: $853,000
September 2022: $875,000
October 2021: $714,500
Supply: County of Marin