Ross 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, Ross saw the same number of home sales compared to the previous year, with 21 homes changing hands at an average selling price of $1,576 per square foot. This marked an 8% decline from prices in 2022. The sale of high-end homes experienced a notable decrease, with only 7 homes sold above $5 million, in contrast to the 13 homes sold in 2022. Consequently, the average selling price dropped to $4.2 million, down from the 2022 average of $6.5 million.
The latter half of 2023 witnessed a significant increase in home sales, with 9 homes sold, nearly double the number from the same period in 2022. Interestingly, 42% of Ross homes sold in 2023 were acquired without a mortgage.
Ross did experience a mild impact from prevailing economic conditions, as evidenced by a decrease in homes selling over the asking price during the second half of 2023 (33%) compared to the first half (58%).
Despite these fluctuations, the overall performance of the Ross market in 2023 was solid, 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.