Your April Market Update

LATEST MARKET DATA – MARIN COUNTY – MARCH 2024

LATEST MARKET DATA – SONOMA COUNTY – MARCH 2024

Last month we saw a very noticeable uptick in sales and general activity across the Marin and Sonoma County real estate markets.

While this can be partially explained by more buyers entering the market as spring got under way, there were some really notable changes compared with February.

Closed sales were up by 51% in Marin County and by almost 44% in Sonoma County.

There was also good news on inventory with over 30% more homes for sale in Sonoma than a year ago and over 20% improvement in Marin as well.

It’s really good to see things trending in this way, and it bodes well for the busy coming months in that we’ve had such a positive start.

Obviously much will depend on the trajectory of mortgage rates in the coming months, though it has to be said that we are seeing these encouraging statistics when they are relatively high and still gradually climbing since their sharp fall at the end of 2023. The current average is sitting at 6.9% nationally. Perhaps a new norm is finally settling in – we may never again see the rock bottom rates of just a few years ago.

Indeed, a CBS News report this week suggested that rates are only likely to fall very modestly through 2025 as Federal Reserve rates begin to lower. Buyers can only put their plans on hold for so long.

A very tight supply of homes continues to drive the strong seller market. As more homes have and will come on the market between now and summer, clearly those who move quickly to market will benefit the most.

To learn more about the opportunities in what may be a peaking market, call Jim today at 415-492-0100.