Kentfield 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.

Kentfield Summary

Kentfield experienced a consistent number of home sales in 2023 compared to the previous year, with fifty-three homes sold at an average selling price of $1,215 per square foot, nearly identical to 2022. However, there was a decline in the sale of expensive homes, as only 5 homes were sold above $6 million, in contrast to the 9 homes sold in 2022. This contributed to a decrease in the average selling price to $3.5 million, down from the 2022 average of $4 million. 

The second half of 2023 witnessed 23 home sales, a slight decrease from the 26 homes sold during the same period in 2022. Notably, 45% of Kentfield homes sold in 2023 were purchased without a mortgage.

With limited options for buyers, sellers received more multiple offers during the latter half of 2023 compared to the first half. However, Kentfield did feel the impact of prevailing economic conditions. For homes sold above the asking price (46%), the average percentage over was 6.8%, significantly lower than the 15% observed in the first half of 2022. Homes remained on the market for a longer duration in the second half.

Overall, the Kentfield market performed well in 2023, demonstrating resilience in the face of economic challenges. 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.