Marin County Real Estate Market Begins to Bounce Back
Market activity begins to tick up after severe shelter-in-place plunge.
May 2020 Crisis Update
Since mid-March, shelter-in-place caused steep drops in activity across the board in what is typically the busiest selling season of the year. However, activity has been picking up since bottoming out in late March/early April, 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.
Interest rates hit a new historic low in the last week of April.
Week by Week Supply & Demand Trends
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 House Sales 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 y-o-y decline in Marin until substantiated over the longer term: Marin monthly median prices often fluctuate without great reference to changes in fair market value.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.