According to the Marin Independent Journal, Bay Area home sales saw a significant increase in November, with single-family home sales rising 14% and condominium sales up by nearly 30% compared to last year. In Marin County alone, 144 homes sold last month, marking a 19% increase from the previous November. Though the market remains competitive, rising interest rates have not deterred eager buyers, as more homes are being sold despite the challenges.

The median price for a home in Marin County last month was $1.625 million, showing a slight decrease of 7% from the prior year. Meanwhile, condo prices in the Bay Area saw a 4% increase, with Marin’s median price for an attached home reaching $807,250, up 3% from last year.

Despite the ongoing impact of higher interest rates, demand remains strong. The U.S. weekly average for a 30-year fixed mortgage was 6.85% as of late December, slightly higher than last year but still indicating strong buyer interest. Even with the price increases, many buyers are adjusting to the higher costs, carefully considering their bids and budgets.

The local market is benefiting from increased inventory, with unsold home inventory in the Bay Area at two months compared to 1.8 months last year. This increase in available homes has helped facilitate more sales and has made the fall season more active than expected. The area has even seen a stronger-than-anticipated recovery after interest rates began to climb at the end of 2022.

As the year comes to a close, many are hopeful for a busy 2025. Sales in 2024 are expected to outpace those of 2023, and experts are optimistic about the future, with inventory likely to rise in the new year as buyers and sellers become motivated once again. Whether you are looking for a new home or just keeping an eye on the market, the Bay Area continues to offer exciting opportunities for those ready to make a move.

source: www.marinij.com