The numbers are in for February, and the anecdotal craziness that agents are reporting in the Marin housing market is supported clearly by the stats. The imbalance between supply and demand has continued, with the months supply of inventory still trending down. If you’ve been actively looking for a home in Marin lately you probably know exactly what I’m talking about, as many listings are selling right away, often with multiple offers. It’s frustrating for buyers but the best time in quite a few years to be a seller.
Marin County months supply of housing inventory
Here’s a look at the overall trend in homes for sale vs. those pending and closing. You’ll notice how the light green bars representing homes for sale are lower lately than they are in the rest of the chart, and the red line that represents houses going into escrow has shot up. There’s an important conclusion to draw from this: if this trend continues it will drive prices up. While it’s nice to see some strengthening in the Marin housing market after the wild ride of the last several years, we like to see things a bit more balanced because it’s healthier all around, so here’s to seeing more properties coming on the market to satisfy the demand.
As always, if you have questions about what’s going on in Marin or would like market stats specific to your town or price range please drop me a line at george@sfnorth.com.