Marin: Median home price drops to $1.6 million and sales rise

The average price for a single-family home in Marin was $1.6 million last month, down $10,000 from July of last year, according to new data from the county assessor’s office.

During the same period, the median price for a single-family home rose 6.5 percent statewide and 3.6 percent in the Bay Area, the California Association of Realtors said. The median price is the point at which half of the homes were more expensive and half were cheaper.

“The year-on-year increase was the 13th consecutive month of annual price increases, but the slowest since January,” the association said, referring to the national figures. “Home prices may continue to decline in the coming months, but are expected to continue to see moderate year-on-year growth for the rest of the year.”

The Marin Tax Collector’s Office reported that 192 single-family homes were sold last month, up 14.3% from the previous July’s 168. According to the California Association of Realtors, sales rose 4.1% statewide and 19.2% in the Bay Area.

The association said homes for sale in Marin spent an average of 57 days on the market last month, compared to 43 days a year earlier.

“It’s shifted a little more toward a buyer’s market,” said Jarret Weis, a Vanguard agent who represented the buyer in a $1.6 million deal on a Mill Valley home last month.

Weis, whose office is in Mill Valley, expects activity to pick up after Labor Day. He said interest rates have “moved down,” the Fed has signaled a rate cut and more inventory is becoming available.

“I think we’re going to have a pretty good season,” he said.

The weekly average for a 30-year fixed-rate mortgage in the U.S. was 6.46 percent on Thursday, compared with 6.49 percent the previous week, according to federally chartered mortgage company Freddie Mac. A year ago, the average was 7.23 percent.

“Although mortgage rates have remained relatively stable in recent weeks, weaker economic data suggests that rates will trend slightly lower through the end of the year,” Freddie Mac chief economist Sam Khater said in a statement Thursday. “Rates fell sharply earlier this month and are now just below 6.5 percent, which is not enough to motivate prospective homebuyers. We expect rates will likely need to fall another percentage point to spur buyer demand.”

According to the assessor’s office, median prices for single-family homes in certain areas of Marin last month were $5.3 million for three sales in Belvedere, $2.8 million for nine sales in Larkspur, $2.74 million for four sales in Tiburon, $2.38 million for 10 sales in Mill Valley, $2.22 million for nine sales in Corte Madera, $2.18 million for three sales in Ross and $2.14 million for six sales in Sausalito.

Elsewhere, the total was $1.75 million for 58 sales in the unincorporated areas of Marin, $1.4 million for 35 sales in San Rafael, $1.32 million for 10 sales in San Anselmo, $1.28 million for 39 sales in Novato and $1.1 million for 11 sales in Fairfax.

The peak of the market in Marin was in the spring of 2022, when the median price for single-family homes was $2.12 million in April and $2.03 million in May. It has not exceeded the $2 million mark since then.

In the Marin condo and townhome market, 51 homes were sold last month at an average price of $799,000. The same number of homes were sold the previous July and the average price was $832,500.

In the nine-county Bay Area, San Mateo County topped the price rankings last month with a median home price of $2.1 million, up 5.8 percent from a year ago, the Realtors association said. Santa Clara County was at $1.88 million, up 4.4 percent from a year ago. San Francisco was at $1.6 million, up 9.6 percent.

Sonoma County, like Marin, saw a slight year-over-year decline. The median price for July was $850,000, a decrease of $960.

Marin Real Estate Data
The average prices for single-family homes in the district last year.
July 2024: $1.6 million
June 2024: $1.76 million
May 2024: $1.84 million
April 2024: $1.69 million
March 2024: $1.96 million
February 2024: $1.64 million
January 2024: $1.5 million
Dec. 2023: $1.56 million
November 2023: $1.74 million
Oct. 2023: $1.75 million
September 2023: $1.65 million
August 2023: $1.51 million
July 2023: $1.61 million
Source: Marin County Assessor’s Office