Quarterly Newsletter Q3 2023
I have sat down to write this monthly newsletter no less than 7 times in the past few months. However, every time the draft is done, the residential market in Marin changes (again!). To say 2023 has been a wild ride is an understatement. The Fed’s historic succession of (11) rate hikes occurred while we continued to experience unprecedented low inventory. This unusual combination resulted in a split screen story for homes in Marin: There have been bidding wars for some homes while other inventory languished with price reductions to sell. If there is one word that describes the Marin housing market to date in 2023, it’s “confusing.”
Multiple offers happened far less as 2023 has marched on, but still occurred for homes that buyers feel are “irreplicable.” Due to the exorbitant cost of labor and materials, buyers still paid top dollar for new/er construction for homes in the flats with walkability, or on level lots with usable yards. However, homes that need significant updating and or are up in the hills with constrained outdoor living spaces have had necessary price reductions in order to sell. The pressure on pricing for new/er homes with flat lots and or waterfront properties continued throughout 2023 mostly because of the constraint in supply for homes that fall into that category. The chart below reflects a 27 percent decline in volume of sales year over year in Marin. The good news is that prices only went down 6 percent which is far better performance than almost all other residential markets in the U.S. One must remember that so many homeowners still enjoy record low locked in interest rates from existing loans, thereby adding to supply issues. We also need to remember that the exorbitant appreciation from 2020 through 2022 set benchmarks that were wildly over what the same homes were worth in early 2020 pre pandemic. So, all in all, a very mixed and sometimes confusing story on the status of the housing market in Marin.
Even when volume is off with slightly lower prices year over year, I still believe that Marin County is an incredible investment because there is little to no land left to develop. 85 percent of Marin County is designated “open space” and will never be developed. The ocean and SF Bay straddle three sides of Marin. In my professional opinion, this is what makes Marin, even in a challenging real estate market, an excellent investment choice. I am thrilled to be working in Marin, while Whitney McLaughlin and Grace McLaughlin continue to thrive in our Aspen office. As always, feel free to reach out with any questions or comments. Please see below for year over year stats for Marin, my design video, featured listing of the month, and happenings around Marin!
1 Vista Drive, Kentfield • $7,995,000
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1 Vista Drive, |
Tomales Lot, |
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134 Linden Lane, |
2 Bellagio Road, |
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331 Golden Gate Ave, |
Undisclosed Address |
- 9 W Shore Road, Belvedere: Sold for $14,200,000 (Seller Represented)
- 214 Seadrift Road, Stinson Beach: Sold for $13,250,000 (Seller Represented)
- 200 Lagunitas Road, Ross: Sold for $8,700,000 (Buyer Represented)
- 101 Crown Road, Kentfield: Sold for $7,000,000 (Seller Represented)
- 63 Dipsea Road, Stinson Beach: Sold for $6,200,000 (Seller Represented)
- 3 Belvedere Way, Belvedere: Sold for $4,000,000 (Buyer Represented)
- 20 Seminary Cove Drive, Mill Valley: Sold for $3,624,500 (Buyer Represented)
- 12 Rosebank Avenue, Kentfield: Sold for $3,575,000 (Seller Represented)
- 20 Allen Avenue, Ross: Sold for $3,500,000 (Seller and Buyer Represented)
- 115 Bayview Avenue, Belvedere: Sold for $3,200,000 (Buyer Represented)
- 612 Eastwood Way, Mill Valley: Sold for $2,905,000 (Seller Represented)
- 24 North Terrace, Tiburon: Sold for $2,725,000 (Seller and Buyer Represented)
- 14 Grace Court, Corte Madera: Sold for $2,700,000 (Seller Represented)
- 70 Bolsa Avenue, Mill Valley: Sold for $2,300,000 (Seller Represented)
- 12 Aqua Vista Sold for $2,300,000 (Seller Represented)
- 64 Barber, Sold for $1,800,000 (Buyer Represented)
- 251 Cecilia Way Tiburon: Sold for $1,595,000 (Buyer Represented)
- 92 Sir Francis Drake Boulevard, Ross: Sold for $1,525,000 (Seller Represented)
- 220 Draw Drive, Aspen: Sold for $8,007,500 (Buyer Represented)
- 139 Fisher Creek, Carbondale: Sold for $2,950,000 (Buyer Represented)
- 102 Evans Road, Unit 206, Basalt: Sold for $1,100,000 (Seller and Buyer Represented)
- 94 Sinclair Lane, Snowmass Village: Pending for $4,800,000 (Buyer Represented)
- 507 West Main Street Unit C-201, Aspen: Sold for $4,000,000 (Buyer Represented)
Real Estate Rescue: How America Leaves Billions Behind in Residential Real Estate and How to Maximize Your Home's Value
As one of the top producing agents in the United States, Tracy has sold more than $4 billion of residential real estate over the course of a 26-year career. Too often, Tracy has seen home buyers and sellers make seemingly innocuous decisions that result in leaving extraordinary amounts of money on the table without them knowing it. Her book provides homeowners a clear roadmap to fully monetize the sale or purchase of their home.
Tracy is currently writing her second book on residential real estate.
Tracy's Monthly Design Tip
I love fall for so many reasons. The transition into cooler temperatures and the upcoming holidays have us thinking about fireplaces and how we treat them in preparing homes for the market. Check out this beautiful fireplace I designed for a client in Aspen and why scale for your fireplace is so critical to your home’s equity.
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Sunday Farmers Market at Marin Civic Center The Sunday Civic Center market is one of the largest local gatherings in the state! The Sunday Marin Farmers Market first opened in 1987, and has grown to become the third largest farmers market in California. Despite gaining recognition throughout the country, the Sunday Civic Center market still maintains its Marin community roots. The majority of patrons are local eaters who visit the market religiously each week to take home the freshest foods of the season. The New York Times listed the Sunday Market as one of the top places to visit in Marin. |
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2nd Friday Art Walk in Downtown San Rafael Free to the public, enjoy galleries, open studios, art exhibits, and more on the second Friday of each month. Anchored by the Art Works Downtown galleries and studio tour, the 2nd Friday Art Walk connects art venues throughout downtown San Rafael for an evening of inspiration and community. |
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Parade of Lights and Winter Wonderland in Downtown San Rafael This two-block event will have a Makers Marketplace, Human Snow Globe Photo Booth, Ornament Craft Table, Live Music, Food Trucks, a Jumpy, a Juggler, a Toy Drive, and Sweets Galore! |
All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.
Residential market activity reported to BAREIS MLS. Data deemed reliable but may contain errors and subject to revision. All numbers are approximate.
DRE# 01209397