Q3 Marin Market Update: Is the overheated real estate market beginning to cool?
Q3 2021 vs. 2020
$1.740M
MEDIAN SALES PRICE UP 13% ▲
$967
MEDIAN PRICE/SQFT UP 19% ▲
26
AVG. DAYS ON MARKET DOWN 30% ▼
668
PROPERTIES SOLD DOWN 16% ▼
In the third quarter of 2021, the Marin County market experienced some minor price cooling after what can only be described as the hottest housing market on record. Prices peaked in July, with the median single-family home price reaching $1.8 million. Despite some cooling, home prices are still up significantly over the last year, as indicated by price per square foot, in every region of Marin County compared to Q3 2020.
The number of single-family homes sold declined quarter-over-quarter and year-over-year, which is in line with seasonal norms. When we compare homes sold to Q3 2020, which captured the sales explosion due to the shelter-in-place order, the sales decline is understandable. Inventory is historically low and buyers are still competing for homes, which pushed the average price per square foot to $947 in September; its second-highest level ever. On the last day of the quarter, the 30-year fixed-rate mortgage ticked above 3% according to FreddieMac and are expected to gradually rise in 2022. Even with a rate increase, mortgage rates are still historically low, and will likely remain that way through the end of 2022.
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