Tiburon 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.

Tiburon Summary

Tiburon experienced a further decline in its annual home sales, with 79 homes sold in 2023, marking a significant decrease from the 118 sales in 2022 and 161 in 2021. 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. 

The average selling price per square foot saw a 3.6% decrease from the 2022 average, reaching $1,284. Overall average selling price also declined to $3.7 million, reflecting a substantial 54% drop in the number of homes sold above $4 million in 2023 compared to the previous year. Interestingly, 50% of Tiburon homes sold in 2023 were acquired without a mortgage.

Nevertheless, homes entered escrow more swiftly on average in the second half of 2023 compared to the first half. Nearly 40% of homes were sold above the asking price in 2023, a slight decrease from the 50% recorded in 2022. Furthermore, 30% of sellers received multiple offers in 2023, down from 38% in 2022, and the average amount by which homes were sold over the asking price was 13%. 

Despite these fluctuations, the overall performance of the Tiburon market in 2023 was quite 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.