Larkspur 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.
Larkspur saw an equivalent number of home sales in 2023 compared to the preceding year, with fifty-five homes changing hands at an average selling price of $1,259 per square foot, closely mirroring the figures from 2022. Nevertheless, there was a decrease in the sale of high-end properties, as 18 homes were sold above $3 million, in contrast to the 23 homes sold in 2022, contributing to a decline in the average selling price to $2.8 million.
The latter half of 2023 observed 29 home sales, a marginal uptick from the 26 homes sold during the corresponding period in 2022. Notably, 36% of Larkspur homes sold in 2023 were acquired without a mortgage.
Given limited choices for buyers, sellers encountered an increased number of multiple offers during the latter half of 2023 in comparison to the first half. However, Larkspur did experience a slight impact from prevailing economic conditions, with fewer homes selling above the asking price compared to 2022.
In summary, the Larkspur market exhibited strong performance in 2023, showcasing 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.