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This year began with 35% lower active inventory than the first quarter in 2023 and that scarcity of inventory persisted for the first 12 -14 weeks of the year. Yet as we approached the end of March/ beginning of April we were seeing an onslaught of new listings coming in. This was a welcome reprieve to pent up demand - and it didn't soften the market at all! In fact, it resulted in fierce competition as this was absorbed into local buyer's hands. What we're seeing now, as active inventory is back to the average numbers typically seen pre-pandemic in San Francisco (around 1000 Active units). Throughout most of Marin County, we have 25% less inventory than we've been used to over the last half decade. Our numbers of Active units are now up to 470+ units, a high point for the past 12-months. Demand is very robust - so much so that even with new inventory coming on, the days on Market are actually going down! This is the "Spring Effect"! Allow me to explain some of the data: we're seeing active trading on all sides of the spectrum in San Francisco, from Below Market Rate units (as low as $250,000) on up to $24 million. In the month of April, we saw the average sale price go up to $1.719 - a number we haven't seen and it's still Rising! April's average was over $1.8M!! Marin is no less inexpensive, it is actually $1.9 million average sale price and about 65% of all the properties were absorbed in less than 30 days - what we're also seeing is that compared to this year so far, 35% of all the inventory sold in the month of April alone. The Sales of the Spring season are used as a bellwether  for the rest of the year - and while previously, the market has been following the direction of the mortgage interest rates, it seems to follow the levels of inventory more so. What we're witnessing is a healthy market, more normalized market activity than the lows seen in 2023, or the spiked prices seen in ‘21-’22. Ultimately, the rise in home prices appears to have been in the range of 3 - 5% over the last first few months of Q1-Q2 2024. While it may not remain as rapid of a rise throughout the year - I do suspect we’ll see continued activity supporting a healthy market. Again, if mortgage interest rates come down to 6%, I believe there will be a frenzy.     Read the full report here.    

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Video Transcription:   Here we had 21 percent year over year drop, and again, in the next slide, you'll see 2007 total units were sold in Marin specifically, we hadn't had that low of an amount since 1982. So in the way that the pendulum swings, we saw an aberration of COVID, and a lot of property came back on the market, and then all of a sudden it was absorbed with lower interest rates.   Curious how much your home is worth in today’s market? Get in touch for additional insight on current market conditions.