Kentfield Real Estate – 2023 Mid-Year
An Inside Look at Marin County Real Estate
During the first half of 2023, Marin County experienced a significant 35% decrease in home sales above $1 million compared to the same period last year. However, despite declining sales volume, the average sales price increased by 7.4% to nearly $2.4 million, surpassing the previous six-month average. Notably, 51% of homes sold above their asking price. Sales volume experienced a significant boost in the second quarter, with nearly two and a half times the number of homes sold compared to the first quarter of this year.
The decrease in available homes for sale contributed to the situation where buyer demand continued to exceed supply dramatically. This restricted supply of homes for sale may be attributed to potential sellers reluctant to relinquish their existing low-rate mortgages and face higher mortgage costs for a replacement home. Nonetheless, buyer demand remains strong, supported by the acceptance of new “normal” mortgage rates and the region’s relatively robust economy.
Although the primary growth engine of the Bay Area is constrained by layoffs and a challenging venture capital environment, the regional economy displays resilience. Household finances remain stable, and equity markets indicate a more secure position.
The regional unemployment rate has dropped to the low 3% level, emphasizing the persistent labor shortage. As employers compete to attract and retain talent, higher salaries and bonuses have empowered buyers to continue to make home purchases in the current environment.
Kentfield experienced a similar number of home sales in the first half of 2023 compared to the same period in 2022 – thirty homes sold at a remarkable record average selling price of $1,304 per square foot. Although slightly fewer homes sold above the asking price and a decrease in the number of multiple offers, prices have remained robust due to limited inventory and strong demand from buyers.
Approximately 50% of homes sold were above $4 million and nearly half of those were sold above the listed price. Luxury buyers continue to recognize the value inherent in prestigious Kentfield properties and the scarcity of opportunities, prompting them to act quickly when properties that meet their criteria become available.
If you’re interested in maximizing the value of your home and determining an optimal pricing strategy, I invite you to contact me. I can guide you in preparing your home for sale and ensure a hassle-free selling experience right up to the completion of your move.