Ross Real Estate – 2022 Mid-Year
The Marin County home market continued its hot streak in the first half of 2022, as the average selling price increased by 11% from the previous six-month period. The new average sale was a record $2.4 million – due in large part to seventy-three percent of homes selling over the asking price, continuing an upward trend.
Recent increases in mortgage interest rates, inflation, stock market declines, and recession fears are beginning to show preliminary market reaction, but the real indicator of any significant market shift will be seen during the second half of 2022.
The speed and change in market conditions are highly city-specific and supply-driven: communities experiencing a continual low number of homes for sale will benefit from buyers who are motivated and able to purchase, with buyer competition possibly moving to a lower level.
Fewer homes sold in Ross during the first half of 2022 compared to the
previous six-month period (2nd half of 2021) – 16 versus 22 – due to the
lack of homes for sale.
Thanks to continued buyer demand, the average sale price increased to another record $6,894,000, a 25% jump from the second half of 2021. More expensive homes sold, as 5 homes sold priced between $6 million and $10 million compared to just two selling in the 2nd half of 2021.
Forty-four percent of homes sold over the asking price and 50% percent of sellers received multiple offers.
If the number of homes for sale in Ross remains low, the impact of higher interest rates, recession worries, and stock market volatility will likely have a less muted effect on pricing and sales activity going forward than other markets. Even so, activity could become somewhat dampened by potential buyer reluctance, pending the state of the economy.
With market dynamics transitioning, it is now even more important to prepare your home to look its best. Please call me to discuss maximizing the value of your home and pricing. I can also share with you how I can make your selling experience – from readying your home for sale to clear through the end of your move – hassle-free.