Median single-family home prices in Marin County rose last month, but prices fell across the Bay Area.
The median – the point where half the prices are high and half low – was $1.77 million in September, according to the latest county appraisal office data. This is an increase of approximately 3.6% from September 2021.
In the Bay Area of nine counties, the median single-family home price was about $1.26 million last month, down 2.6 percent from a year earlier, the California Association of Realtors reported.
Marin recorded 158 single-family home sales last month, down 32% from a year earlier, according to appraisal offices.
“Our market today is in line with pre-COVID standards,” said Compass agent Logan Link, president of the Marin Association of Realtors. “At Marin, this means high demand and low inventory, and the pace is fast but not desperate. High-priced homes are moving quickly and often closing above the asking price.”
At the top of the Marin County market, the median single-family home price last month included $4.75 million for five homes in Tiburon. His $3.84 million to her two homes in Belvedere. $2.93 million for 10 homes in Sausalito. $2.9 million for five homes in Larkspur. Ross made his one sale with her $2.5 million. The lowest median on Novato was he at $1.03 million with 28 sales.
Elsewhere in the Bay Area, median single-family homes last month included $1.86 million in San Mateo County, down 5.8% year-over-year. $1.7 million in Santa Clara County, up 4.3%. San Francisco was at $1.65 million, down 5.7%, according to the California Real Estate Association.
In the North Bay, the median was $987,000 in Napa County, up 3.9% year-on-year, and $810,000 in Sonoma County, up 7.4%.
The Marin condo and townhome market last month had a median of $875,000, up nearly 21% year over year. During that time, sales decreased from 81 to 61.
The Belvedere attached home sold for $2.65 million and the eight Tiburon attached homes sold for a median of $1.45 million, according to county data.
The Belvedere property, a two-bedroom townhome on San Rafael Avenue, was listed for $2.85 million, according to Zillow real estate data firm. The buyers were a couple downsizing from their Sonoma County home who didn’t want to be part of a large homeowners association, said Listings agent Stacey Achuk.
“We are definitely moving from a seller’s market to a buyer’s market,” said Achuck, a Compass agent who works in the Belvedere and Tiburon offices. “The homes are still for sale, but they are definitely complete and ready to go on the market. In some cases, the ones that are quirky or require some work may sit a little longer.
The Belvedere townhome sold for 7% less than the asking price, but the seller bought it in March 2021 for $2.2 million.
Last month, the statewide single-family home median price was $821,680, up 1.6% from the previous September, according to the California Real Estate Association. The average price of condos and townhomes was $620,000, up 3.3%.
The association’s economist, Oscar Wei, said one of the reasons the Bay Area’s overall prices have fallen could be because more people are moving out of the area. Home prices also have more room to fall here after surging higher last year than anywhere else in the state.
But since interest rates started rising earlier this year, prices across California have plummeted month after month, with monthly payments skyrocketing and crowds of buyers out of the market.
“The bottom line is still interest rates,” Wei said. “I wouldn’t be surprised if prices continue to fall in the coming months.”
The weekly average for 30-year fixed-rate mortgages in the US was 7.08% on Thursday, according to Freddie Mac, the federally chartered mortgage lender. A year ago he averaged 3.14%.
The Bay Area News Group contributed to this report.