Happy new year! Thank you all for your continued support of my business and I am so happy to have worked with so many of you in 2024. As we reflect on last month, we saw the median sold price decline 3% to 1.3 million while the number of homes for sale was up 9%. The holiday season typically brings a slowdown, and this year was no exception, with inventory, sales, and prices all reflecting normal seasonal patterns.
Median Sold Prices
- Median Sold Price: $1,300,000, a 3% decline compared to December 2023.
- Prices also fell 6.5% compared to November 2024, aligning with the seasonal cooling of the market.
Inventory Levels
- Homes For Sale: Inventory stood at 212 homes in December, a notable 40.8% drop from the previous month. However, compared to December 2023, inventory grew by 8.7%, signaling a somewhat slower December than the prior year.
- Months of Inventory: Based on closed sales, inventory dropped to 1.4 months, down 33.4% from November 2024 and 6.7% from December 2023, emphasizing the persistent demand.
Sales Activity
- Number of Homes Sold: 150 homes closed escrow in December, a 12.3% decline from November 2024. However, year-over-year sales increased by 14.5%.
- Days on Market (DOM): Homes took an average of 52 days to sell, significantly higher than the 36 days recorded in December 2023, reflecting a slower market pace.
Interest Rates and Their Impact
Interest rates remained elevated, hovering around 7%, continuing to challenge affordability for many buyers. This has caused some potential buyers to stay on the sidelines, while others took advantage of price adjustments to enter the market. Sellers are also adapting, with more realistic pricing strategies evident in the market.
Market Forecast for 2025
Looking ahead, we anticipate the Marin County real estate market will stabilize in the first half of 2025. Key trends to watch include:
- Interest Rates: Should rates begin to ease later in the year, we could see a resurgence in buyer activity.
- Inventory Growth: A modest increase in inventory is expected as sellers respond to improving market conditions.
- Price Trends: Prices are likely to remain relatively flat in the first quarter but could gain momentum in the second half of the year if economic conditions improve.
Opportunities in the Current Market
For buyers, the current market offers opportunities to secure properties at more reasonable prices with less competition. For sellers, proper pricing and home presentation remain critical to attract serious buyers. Homes that “tick all the boxes” are still going quickly and for over asking in some cases.
Now Available Off Market
378 Margarita Drive in San Rafael is available for $2,595,000. This is a beautiful gated home on two acres offering incredible privacy and amazing 270 degree views.
Coming Soon
I am currently working on a beautiful 3 bed/2 bath home in the Forbes/Fairhills neighborhood that offers the unique combination of stunning Mt. Tam views and walk-to-town convenience. More to come!
How Can I Help?
Marin County continues to showcase its resilience and desirability, even amidst shifting market dynamics. Whether you’re buying, selling, or just staying informed, my expertise ensures you’re equipped to navigate Marin’s unique real estate landscape. Let me help pave the road to success for you!
It is never too early to discuss how to best prepare your home for the busy spring selling season.
These market reports are a great place to start, but let’s continue the conversation. I am always happy to discuss the market and the best way to approach buying or selling a home in Marin County or the greater Bay Area.
If you have any questions about the market or are considering your next real estate move, please don’t hesitate to reach out. Together, let’s make your real estate goals a reality. Call or text me anytime at 415-847-5584.
