Belvedere Real Estate – 2023 Year End
An Inside Look at Marin County Real Estate
Marin witnessed a 24% decline in the overall number of homes sold in 2023 compared to 2022. While elevated mortgage rates posed challenges for some potential buyers, the combination of low inventory and sustained buyer demand maintained the average selling price at $2,160,000, a mere 4% drop from the 2022 average. Almost half of the homes sold in 2023 attracted multiple offers and were sold above the asking price. The most significant decrease in sales volume occurred in the $2 million to $3 million price range, with 35% fewer homes sold compared to 2022.
Predicting near-term effects of an election year, global events, and financial markets is challenging. However, the persistent low inventory of homes is expected to safeguard against any significant market changes.
Belvedere experienced a notable surge in home sales in 2023 compared to the previous year, witnessing a shift from 24 homes in 2022 to 38 changing hands. The average sale price, standing at $6.3 million, and the average price per square foot sold at $1,952 closely resembled the figures observed in 2022. Notably, there was an uptick in the sale of high-end properties, with 13 homes sold between $5 million and $10 million, in stark contrast to the 3 homes sold in 2022. The number of homes sold above $10 million remained nearly consistent with 2022.
However, Belvedere did experience the impact of prevailing economic conditions. In 2023, a lower percentage of homes sold above the asking price (26%). Only 15% of sellers received multiple offers, and 31% opted to reduce prices during the second half of 2023.
In summary, the Belvedere real estate market demonstrated relative stable pricing performance in 2023, with luxury buyers displaying increased confidence, particularly in the upper-end property segment. The market’s resilience was evident despite challenges posed by economic conditions. Looking ahead, anticipated interest rate cuts in 2024 may potentially stimulate the market, fostering additional sales.
It remains crucial for homeowners to present their properties in the best possible light. Well-prepared homes in desirable locations, priced in line with current market conditions, tend to attract more buyer interest and command higher prices.
Please feel free to contact me to discuss options for maximizing the value of your home and establishing an optimal pricing strategy. I can also provide insights into how I can ensure a hassle-free selling experience, from preparing your home for sale to facilitating a smooth transition through
the entire moving process.