How is the Marin market doing? The year-over-year (YoY), 3-month-rolling, median home sales price declines that peaked in spring has started slowing down. In Marin, the YoY price decline slowed down from 14% in April to 7% in July. Based on current trends, it will probably continue to slow down, and possibly disappear in the second half of the year. Keep in mind that this is due to the fact that in April 2022, Marin home prices were at their all time high and since then prices have come off that peak dramatically (April ’22 compared to April ’23 (=14% difference). The peak prices started dropping after April ’22, so the decline in price comparing July ’22 to July ’23 shows a 7% decline year over year.
We still have a lack of inventory. We have found that the majority of our clients selling homes have been due to Estate and Trust sales,divorce, folks moving out of the area, or sellers who had adjustable mortgages. This isn’t likely to change anytime soon, meaning we will continue to have constrained inventory. And on top of that if you haven’t seen the news, there has been a National Cyber attack that has affected our local BAREIS MLS (Multiple Listing Service) here in Marin, the North Bay and SF (as well as other markets across the country.) The software used to run our local MLS, Rapattoni, has been hit by a Cyberattack. So no new properties can’t be listed, updated, marked as sold etc. The MLS data is what ports over to all of the other sites like Compass, Zillow, and Realtor. If you have been looking for new listings and haven’t seen any new ones come on the market since Tues 8/8/23 that is due to this MLS attack. Here is a local news story about it. We are surprised that this news hasn’t hit a wider audience as there is a lot of fallouts from this. Our team at McCarthy + Moe is working on a solution by joining another bay area MLS that doesn’t use Rapattoni to help expose our listings to the market.
We still have a lack of inventory. We have found that the majority of our clients selling homes have been due to Estate and Trust sales,divorce, folks moving out of the area, or sellers who had adjustable mortgages. This isn’t likely to change anytime soon, meaning we will continue to have constrained inventory. And on top of that if you haven’t seen the news, there has been a National Cyber attack that has affected our local BAREIS MLS (Multiple Listing Service) here in Marin, the North Bay and SF (as well as other markets across the country.) The software used to run our local MLS, Rapattoni, has been hit by a Cyberattack. So no new properties can’t be listed, updated, marked as sold etc. The MLS data is what ports over to all of the other sites like Compass, Zillow, and Realtor. If you have been looking for new listings and haven’t seen any new ones come on the market since Tues 8/8/23 that is due to this MLS attack. Here is a local news story about it. We are surprised that this news hasn’t hit a wider audience as there is a lot of fallouts from this. Our team at McCarthy + Moe is working on a solution by joining another bay area MLS that doesn’t use Rapattoni to help expose our listings to the market.
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