Annnd we’re back! Or at least, on our way to seeing inventory levels rise to our typical Spring market. Even though shelter in place is still in session, the Marin real estate market is beginning to bounce back with over 75+ new listings hitting the market in the past week and will presumably continue to increase with the easing of both shelter-in-place and property-showing rules. Though the Marin April median house price declined a little year over year (after 3 months of increases), too much should not be made of one month’s data – Marin’s monthly median sales price often fluctuates without great meaningfulness.

WEEK-BY-WEEK SUPPLY AND DEMAND

The best way to clearly perceive the recent changes in the market (sudden plunge and the beginning of recovery) is by looking at weekly trends in buyer and seller activity. These are illustrated in this first chart below.

YEAR-OVER-YEAR CHANGES IN MEDIAN HOME SALE PRICES

Generally speaking, the first months of 2020 have been characterized by often substantial, year-over-year increases in median home sales prices across the Bay Area. As mentioned, no firm conclusions should be made regarding the April year-over-year decline in Marin until substantiated over the longer term: Marin monthly median prices often fluctuate without great reference to changes in fair market value.

LONG-TERM TRENDS IN MEDIAN HOME PRICES

MONTHLY YEAR-OVER-YEAR SUPPLY AND DEMAND COMPARISONS

The next series of charts reflects the dramatic changes in seller and buyer dynamics by month as compared to spring 2019. These don't illustrate the uptick in activity in the most recent weeks. Click to enlarge.