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Single-family home sales in Sausalito remained consistent with what we saw in 2022 with a median price of $2,640,000.

The Marin real estate market shifted into new territory in Q1, shedding the weight of the drastic rate-hike market and re-balancing itself into a more normalized market comparative to the rest of the country.

Typical markets see homes sitting for 21-30 days before selling, with the best turnkey properties being the ones attracting the most attention and selling above asking. Although Marin has seldom operated in parallel with 'normal', it seems we're now getting a taste of it.

Properties priced right & presented well are still moving quickly, but anything less-than turnkey, especially if it's priced inline with a 3% rate market rather than today's rates, DOM will accumulate. With higher rates we are seeing monthly payment affordability issues & pricing needs to reflect this.

Condo Market

Condominium sales in Sausalito, while down in volume, actually held steady on a price-per-foot basis in Q1 of 2023 compared to all of 2022; Demand remains high.

$Sqft is dramatically more relevant in the condominium markets than single-family homes and can be generally used to assess the desirability of the condo market when comparing periods.

$886/foot in Q1 '23 over 6 sales vs. $866 in all of 2022 over 50 sales is a compelling statistic. Yes, volume is down, but there is still a market for peak pricing.

We've seen affordability be massively affected in recent months, and buyers in the condominium market are typically most affected by increased rates. The Sausalito condo market maintaining desirability shows the strength of demand.

Median Market

Single-family home sales in Sausalito remained consistent with what we saw in 2022 with a median price of $2,640,000.

The market steadily increased in value over 2021 and 2022, as all surrounding markets did during that period, but has finally started to level out. The median price jumped to $2.7M in roughly Q2 of 2022 but has remained mostly steady since.

Buyers are much more hesitant to pull the trigger and buy homes, however, which aligns with the theme of affordability issues and sellers having 'pre 6% rate market' values. Days on market jumped from 24 to 67 in Q1, highlighting that sellers have to be more realistic with pricing expectations or face the likelihood of sitting on the market for months.

Luxury Market

The luxury housing market in Sausalito slowed in Q1 with only 2 home sales, but prices remained steady.

Of the two sales, both averaged less than three weeks on market and sold above the asking price. With only 11 luxury property sales in 2022, it's hard to compare and contrast too much as every home in Sausalito is notably different in a variety of ways.

What the data does hint at, however, is there is always a buyer for a turnkey, beautiful property above the water. Luxury pockets like Sausalito will retain demand, and value, much better than those with more like-kind properties.

The general theme of macro-economic activity is more-of-the-same. We're seeing a steady diet of stress events like Silicon Valley Bank's collapse and the sell off of others, First Republic flailed for a moment which caused the entire real estate market to hold it's breath (FR is San Francisco's leading residential mortgage lender), and tech companies are laying off employees and axing non-revenue generating business activity, all typical during periods of tightening.

Also, the fed raises rates again at the turn of Q2 by 25bp and plans of doing this a few more times. However, and this is a BIG however, California is a sunshine state. People don't go to open houses in the rain (we're ridiculous, yes). With the sun back out, I wouldn't be surprised if we saw a flurry of activity.

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Jerry
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It was great working with Jerry, he's an effective communicator, very professional, and patient. I would definitely work with him again in the future and would highly recommend him for anyone looking to purchase an exceptional residential property in the Bay area.
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J.P
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We can’t say enough about what an amazing agent Jerry is! In the roughest economic time during a pandemic he managed to sell our condo in record time (7 days to be exact) with an over asking offer. He made the entire process seamless and actually enjoyable. Professional, knowledgeable, and always responsive are just a few ways to describe Jerry! Hands down the best agent in the game!
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E.B
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Jerry and I first made contact on Sep 16, 2021 through email. I was ready to purchase a home, seriously this time. I was new to San Francisco so had no idea where i wanted to live. I was hoping to get an experienced real estate agent to show me the ins and outs. I was also a bit anxious because i kept hearing of the crazy bidding wars. I decided to Airbnb in different areas to figure out which area i like. And also took Jerry's recommendation of which area to try. After visiting 3 different houses (in different areas), I realized i really liked the Noe Valley/Glen Park area and decided it was a good idea to focus on that area. I found a house I really liked that I thought might be out of reach that I had visited myself. A few days later, Jerry visited too and was able to convince me that it was worth the shot. So I made an offer, I knew i had to be competitive as this house would get many offers. I ended up winning after a counteroffer! Jerry's experience was key in helping me make the optimal bid. The house was in escrow on Sep 30, 2021. It was a two week process, and my very first bid on a house (in a very competitive area). I feel like Jerry saved me a lot of time and effort.
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O.C
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I highly recommend Jerry Rice Jr. I credit Jerry with a smooth, stress-free home-buying experience during the pandemic. He is savvy, professional, personable and knows the SF Bay Area market inside and out. He was able to efficiently assist us with our 1031 Property Exchange, with all of the nerve wracking time constraints. There were many factors to consider searching for a property during the pandemic, but Jerry made it a comfortable and seamless process. Jerry went the extra mile to explain the contracts, and to make sure we didn’t feel rushed. We couldn’t have done this without Jerry! He was amazing in a high pressure situation, constantly in touch via phone and text nights and weekends. Whether you are buying, selling, or involved with a 1031 Exchange, we highly recommend Jerry Rice, Jr. for your real estate needs.
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L.H
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Jerry helped my wife and I purchase our first home in Oakland. Jerry was an excellent partner throughout the entire process. He was always responsive, gave honest feedback, and networked well with the sellers agents, which was a differentiator when bidding against competing offers. Further, in the middle of our housing search, the markets started to turn funky. Jerry helped us navigate the changing markets with confidence, and ultimately, thanks to his guidance, we secured our dream home. Despite the craziness, the end-to-end process was about as painless as buying a home in the SF bay area could be. Whether a first-time buyer, new to the Bay Area or experienced home-owner, I highly recommend working with Jerry.
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Jerry Rice Jr. stands out as a beacon of professionalism and dedication in his field. With a rich background in football, Jerry has seamlessly transitioned his skills and work ethic from the gridiron to the world of real estate.

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