Marin County intimately felt what the rest of the country has been feeling this past quarter; a drastic slow down in sales, sales prices deflating, supply of homes on-market rising, and time on-market to sell homes is increasing. All reflections of a shifting market.

Sales in September '22 were down 32% compared to September '21.

Days on market (time to sell a home) are up 16%.

Monthly supply of homes on the market is UP 30%.

We've been heavily accustomed to a strong sellers market, but recent macro-economic events have swung Marin into a more normalized market comparative to traditional markets all over the country, if not putting power in buyer's hands. If you've been waiting to buy a home, now is seemingly the best time to buy property since '09.

The Condominium Market

Sausalito's condominium market reeled in Q3; 8x total sales after seeing 25x per quarter earlier in the year, with the average sale price down ~$200k; $812k from $1.02M.

The Median Market

Although total sales were drastically down in Q3, the average sales price in Sausalito for a median home continues to rise; up to $3.02M from $2.45M in prior quarters. However, only 9 sales compared to an average of 20 per quarter at the beginning the year shows that buyers are more hesitant than ever.

The Luxury Market

Sausalito posted 4x luxury property sale in Q3, selling well above the luxury average of $4.0M in previous quarters, with a rapid sale cycle of just 17 days on market to sell. It's hard to assess the effect recent macro-economic events are having on this market segment. In general terms, there is still significantly more demand for beautiful properties in Sausalito than the market has supplied.

Projecting Ahead To Next Month/Quarter

With interest rates rising seemingly month after month, and Thanksgiving & The Holidays on the horizon, Q4 doesn’t project well as the turn of this market.

Instead, given the current trends, Q4 should be viewed by buyers as one of the most opportunistic times to buy property in the past decade. Most seller’s opting to try and sell in this market are doing so out of necessity, and it’s worth remembering that most sellers have seen 50-60% appreciation over the past 5 years which allows for significant wiggle room on final sales price should buyers get the opportunity to negotiate rather than a be in a multiple offer situation.

I anticipate the Fall market to run from October 1st through ~ Thanksgiving, then we’ll see a significant lull in listings on the market, sales volume, etc.

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