Is There a Shortage of Housing Inventory In Marin?
We are in a very strange period right now in the housing market in Marin County. It happens every year at this time in a normal market, and I think that it is happening right now means the market may be returning to some semblance of normal.
We are hearing about multiple offers on properties, and then the properties go way over asking price. We represented two clients recently in offers to buy properties in Mill Valley. One was priced at $888,000, and got seven offers. Reportedly, it went for $1.1 Million. Another was priced at $1.35 Million, and got 10 offers.
Here is what happens. Buyers are out there right now, looking hard and anxious to find something. They’ve been waiting a long time, and they want to get the right home. There is not much on the market in the mid range right now that is available and desirable, so when something new comes up, everyone jumps on it.
I believe it is temporary. There will be a huge supply of inventory coming on the market in the next 60 days, as Sellers who have not been able to sell for two years start bringing properties back on the market.
Stay tuned, there are 1,038 homes available in Marin right now, and 34% of them are in contract. The market is shifting to a neutral market from a buyers market. Our open houses have been very busy, much more so than last year at this time.
Lots of buyers, plus lots of inventory means more transactions, but probably not much change in pricing for patient buyers.
