Sausalito 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.

Sausalito Summary

In 2023, Sausalito saw a significant decline in home sales, dropping from 82 homes in 2022 to 44. The sale of higher-priced homes also decreased, with only 4 homes sold between $3 million and $4 million, compared to 18 in 2022. This led to a decrease in the average selling price, falling from $3 million in 2022 to $2.7 million. Homes priced above $4 million experienced a nearly 50% decline, with only 7 sold in 2023.

Market dynamics in 2023 were characterized by a limited supply of available homes for sale, as sellers hesitated to part with their properties due to the low-interest-rate mortgages they held, compounded by the higher interest rate environment for potential buyers. 

Sellers received more multiple offers in the latter half of the year, further indicating limited options for buyers. The second half of 2023 saw an increase in home sales to 24, up from the 20 homes sold in the first half. Notably, almost 40% of Sausalito homes sold in 2023 were purchased without a mortgage.

Despite the challenges, the Sausalito market showed resilience in 2023. Overall pricing performed well, and there are expectations of further market stimulation with anticipated interest rate cuts in 2024, 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.