The median price for a detached home in Marin was $1.6 million last month, a decline of $10,000 from the prior July, according to new data from the county assessor’s office.
Over the same period, the median price for a detached home rose 6.5% statewide and 3.6% in the Bay Area, the California Association of Realtors said. The median price is the point at which half the homes were more expensive and half less.
“The year-over-year gain was the 13th straight month of annual price increases, albeit the smallest since January,” the association said, referring to the statewide figure. “Home prices could soften further in coming months but should continue to register moderate year-over-year growth for the rest of the year.”
The Marin assessor’s office reported that 192 detached homes sold last month, up 14.3% from 168 the prior July. Statewide, sales rose 4.1% statewide and 19.2% in the Bay Area over the one-year period, the California Association of Realtors said.
The association said homes for sale in Marin last month had spent a median of 57 days on the market, compared to 43 days the prior year.
“It’s shifted to be a little bit more of a buyer’s market,” said Jarret Weis, a Vanguard agent who represented the buyer in a $1.6 million deal for a Mill Valley house last month.
Weis, whose office is in Mill Valley, said he expects activity to pick up after Labor Day. He said interest rates have been “creeping down,” the Fed is signaling a rate cut and more inventory is becoming available.
“I think we’ll have a pretty good season,” he said.
The U.S. weekly average for a 30-year fixed-rate mortgage was 6.46% as of Thursday, down from 6.49% the prior week, according to Freddie Mac, the federally chartered mortgage company. A year ago, the average was 7.23%.
“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement on Thursday. “Earlier this month, rates plunged and are now lingering just under 6.5 percent, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand.”
In specific areas of Marin, according to the assessor’s office, median prices for detached homes last month included $5.3 million on three sales in Belvedere; $2.8 million on nine sales in Larkspur; $2.74 million on four sales in Tiburon; $2.38 million on 10 sales in Mill Valley; $2.22 million on nine sales in Corte Madera; $2.18 million on three sales in Ross; and $2.14 million on six sales in Sausalito.
Elsewhere, the figure was $1.75 million on 58 sales in the unincorporated areas of Marin; $1.4 million on 35 sales in San Rafael; $1.32 million on 10 sales in San Anselmo; $1.28 million on 39 sales in Novato; and $1.1 million on 11 sales in Fairfax.
The peak of Marin’s market was in the spring of 2022, when the median price for detached homes was $2.12 million in April and $2.03 million in May. It has not passed the $2 million mark since then.
In the Marin condominium and townhome market, 51 residences sold last month at a median price of $799,000. The prior July, the same number of residences sold, and the median price was $832,500.
Around the nine-county Bay Area, San Mateo County topped the price rankings last month with a median of $2.1 million, a 5.8% year-over-year gain, the Realtors’ association said. Santa Clara County was $1.88 million, a 4.4% year-over-year increase. San Francisco was $1.6 million, up 9.6%.
Sonoma County, like Marin, had a slight year-over-year decline. Its median price for July was $850,000, down $960.
Marin real estate data
The median prices for detached homes in the county over the past 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
Feb. 2024: $1.64 million
Jan. 2024: $1.5 million
Dec. 2023: $1.56 million
Nov. 2023: $1.74 million
Oct. 2023: $1.75 million
Sept. 2023: $1.65 million
Aug. 2023: $1.51 million
July 2023: $1.61 million
Source: Marin County assessor’s office
