Home sales activity in Marin County in the second quarter picked up solidly compared to the challenging start to the year. And while overall sales still trended slightly below last year’s second quarter, sales of homes priced above $2 million saw a stronger rebound finally falling in line with last year’s sales.
As in most of the Bay Area, first quarter housing market activity in Marin remained challenging, leading to fewer overall sales compared to last year. However, most of the decline in sales came from homes priced above $3 million, while lower priced homes fared relatively better than in most of the other Bay Area regions.
While 2018 home sales activity in Marin County generally maintained a steady momentum, the pace of sales slowed in the fourth quarter, with most price ranges posting fewer transactions than at the same time last year. However, sales of homes priced between $2 million and $3 million posted a solid gain compared with the fourth quarter of last year.
Third-quarter housing market activity in Marin County struck a new balance between buyers and sellers following a period of strong buyer competition and depleted inventories. Sales of homes priced below $1 million slowed notably, as budget-conscious buyers faced higher mortgage rates and a shortage of homes for sale. As a result, sellers were more likely to reduce their initial asking prices than at the same time last year.
Second-quarter home sales activity in Marin County mostly reflected typical trends observed in the previous few years. Nevertheless, sales of homes priced higher than $3 million started off slightly slower before catching up toward the end of the quarter. The strongest demand was for homes priced between $1 million and $3 million.