Conference Board is sounding a cautionary tone in its economic forecast: “Less support from monetary and fiscal policy, and a weaker global economy will gradually slow the economy to below 2.5 percent growth by the end of 2019. Already, higher interest rates along with labor shortages in construction, and higher materials costs, have led to a cooler housing market.”
In Marin, there are two signs that buyers are tiring of limited choices and consistently rising prices. August’s single family home sales price, $1,293,000, was the lowest in five months. August’s condo sold price was virtually unchanged from July’s but down from June’s. And, sales are down 3.6% year-to-date for homes and 11.3% for condos.
Inventory remains very low for both homes and condos which is keeping it a sellers market.
Single Family Homes:
The three-month rolling average median sales price of $1,350,333 is up 8.9% over last year’s.
Year-to-date, new listings are down 31% while sales are down 10%.
August’s inventory of 1.6 months is 18% higher than in 2017.
The median percent of list price received was 98%.
The three-month rolling average median sales price of $786,000 is up 20% over last year’s.
Year-to-date, new listings are down 22% while sales are down 28%.
August’s inventory of 1.4 months is 31% higher than in 2017.