Your November Market Update

LATEST MARKET DATA – MARIN COUNTY – OCTOBER 2024

LATEST MARKET DATA – SONOMA COUNTY – OCTOBER 2024

October saw healthy increases in home sales for both Marin and Sonoma Counties.

Overall sales were higher than in either 2022 or 2023, up by 10.1% year-on-year in Marin County compared with October last year and by 13.7% for the same period in Sonoma County.

This was at least partly a result of the welcome late summer falls in mortgage rates. Rates have been climbing again recently, however we are still seeing very healthy levels of inventory of homes for sale, so buyers do have a good deal more choice today, which is another motivating factor.

As you may have read, Federal Reserve interest rates have dropped by a quarter point this week. While that doesn’t directly influence mortgage rates, it does make the cost of overall borrowing a little cheaper and is also part of a recent pattern of Fed rate falls, in response to cooling inflation levels.

So we arrive in November in a fairly positive financial climate and it will be interesting to see how this, and better choice for buyers, informs our markets as year end approaches.

And here’s a reminder that it’s still not too late to sell your home in 2024. Many buyers like to move in before the holidays, your seasonally-decorated home presents really well at this time of year and fall/winter buyers tend to have very serious purchasing intentions.

Give us a call to discuss your best options – 415-492-0100.