Greenbrae 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.
In 2023, Greenbrae recorded 32 home sales, a decrease from the 38 sales in the preceding year, with an average selling price of $1,006 per square foot, closely mirroring the prices of 2022. However, the average sale price in 2023 saw a decline due to fewer homes selling in the $2 million to $3 million range compared to 2022, resulting in an average selling price of $2.3 million, down from the 2022 average of $2.5 million.
The latter half of 2023 observed 18 home sales, surpassing the typically higher-volume first half of the year. Notably, 31% of Greenbrae homes sold in 2023 were purchased without a mortgage.
Greenbrae did experience the impact of prevailing economic conditions in 2023, evident in fewer homes selling over the asking price during the second half of the year. Additionally, there were slightly fewer multiple offers, and homes remained on the market for a longer duration in this period.
Despite these challenges, the overall performance of the Greenbrae market in 2023 was strong, showcasing resilience in average pricing in the face of economic difficulties. Anticipated interest rate cuts in 2024 are expected to further stimulate the market, potentially driving prices upward.
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.