Ross Real Estate – 2022 Year End
An Inside Look at Marin County Real Estate
2022 was met with rising mortgage interest rates, stock market declines, inflation, and economic uncertainty that effected the Marin Real Estate Market, most notably in the second half of the year.
The second half of 2022 began to show a real shift in the overall market. Although fewer homes typically sell during the second half of the year compared to the first half, the second half of 2022 experienced a significant 20% reduction in sales volume compared to the first half of 2022. By comparison, the difference was just 8% between the first and second half of 2021.
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.
While it is difficult to predict the near-term impacts of mortgage rate hikes and macro-economic headwinds, some buyers have paused their plans to purchase as they wait for additional clarity in the financial markets. On a positive note, household finances are solid and may potentially lead to more buyer activity once the economic trajectory is clear.
Nearly 50% fewer homes sold in Ross during 2022 compared to 2021 as 21 homes sold (vs. 43 in 2021) at an average selling price of $5.5 million. Just 5 homes sold during the 2nd half of 2022 compared to 22 homes selling during the same period in 2021.
During the 2nd half of 2022, Ross did experience the effects of changing economic conditions as a limited number of homes sold above the asking price and multiple offer sales were absent compared to the first half of 2022. The average price per square foot sold also decreased by 6% compared to the first half of 2022.
The long-term limited availability of Ross homes and its continued desirability and prestige will likely prevent any great shock to the market. Current activity and pricing may become further impacted if economic conditions dramatically deteriorate, causing buyer reluctance to accelerate.
With the market in transition, it is now vitally important to prepare your home to look its finest. Homes in sought after locations that are prepped for sale and priced to reflect the current market are experiencing noticeable buyer interest.
Please call me to discuss maximizing the value of your home and pricing. I can also share with you how I will make your selling experience hassle-free – from readying your home for sale to clear through the end of your move.