What the Changing Real Estate Market Means to You
Sellers have turned over control of the Marin Real Estate market to buyers. This is great news if you are looking to buy a home or condominium. For the most part gone are the days of multiple offers and “seller wish list”. I am often asked, “prices are coming down, should I wait to purchase?”. If history is an indication of the future the answer to that question is don’t wait.
We have all seen the headlines about real estate prices, they are going up, they are going down. Often one piece of a story makes the headline because it is sensational. Many factors affect the price of real estate; economy, jobs, interest rates, supply & demand, etc. In Marin, the supply islimited, not many new homes can be built, so when we talk about supply we should be discussing the supply of active listing for sale. This tends to be a leading indicator of where prices are heading. When the number of active listings is low, sellers are seeing multiple offers. When the number of active listing increases, it turns to a buyers market.
Around this time last year Marin had approximately 1,000 active listings, currently we have 1,400. In line with this increase in inventory, prices have softened. What I find interesting is from the middle of July the number of active listing has leveled off.
Warren Carreiro
415-846-7286
