MARIN AND SAN FRANCISCO REAL ESTATE MARKET OVERVIEW Q3-2024
The 3rd Quarter is typically slower for real estate in the Bay Area as people focus on vacations and time with family, so it doesn’t come as a surprise that prices, sales, new listings, and inventory fell quarter-over-quarter. The Marin and San Francisco markets still need more inventory for the volumes of sales to increase.
-
From Q2 to Q3, the median price for single-family homes declined 11% in Marin and 7% in San Francisco.
-
In San Francisco, home prices and sales increased year over year, while new listings and inventory declined.
-
Marin experienced the same conditions but sales were flat. New listings typically rise seasonally in September, driving inventory growth from August to September.
-
From Q2 to Q3, sales volume dropped by 15% in Marin and 20% in San Francisco.
-
Mortgage rates have fluctuated, with the average rate decreasing to a low of 6.08%, resulting in a 16% reduction in monthly mortgage payments.
-
As expected, the Fed cut benchmark rates 25bps to 4.5%-4.75% in a unanimous vote. Noted a slightly weaker labor market and firmed up language regarding their fight against inflation. However many housing market experts now expect mortgage rates to stay higher for longer.
The market continues to be fickle creating some apprehension with buyers. These conditions have made the overall performance of the market very property specific. We were fortunate to be involved in one of the more notable sales of Q3, the sale of Warriors star Klay Thompsons’s home. When we heard that Klay was going to be transferred to the Dallas Mavericks, we reached out to his representatives to see what he would be doing with the house in Belvedere that we helped him buy a few years ago. They wanted to sell it, so we jumped into gear and brought one of our buyer clients to see it before any marketing was done and they purchased the home off-market. While we are sad to see Klay go, we are delighted that the transaction worked out for all parties.
In other news, we are very excited to announce the addition of Matt Francis to the Outpost team. Matt is a seasoned agent from Vanguard with a strong background in construction and design. His reputation for integrity, work ethic, and easygoing nature make him a perfect fit for Outpost.
In this ever-changing housing market, we are here to guide you through the process of buying or selling your home. We understand that purchasing a home in times of tight supply, high demand, and elevated financing costs can be particularly challenging, and we look forward to positioning you for success.