The figure for August is a decline from $1.8 million in July and no change from the prior year, according to the latest data from the county assessor’s office.
The median price of a detached home in Marin County dipped to $1.7 million last month as the market heads into an autumn of economic uncertainty.
The figure is a decline from $1.8 million in July and no change from the prior August, according to the latest data from the county assessor’s office. Sales fell from 277 in August 2021 to 192 last month, a decline of 44%.
Marin’s median price has increased 42% in just five years, rising from $1.2 million in August 2017. It broke through the $2 million threshold in April and May this year before drifting back down.
Scott Woods, a real estate agent for Compass, said the market is “definitely adjusting.”
Woods represented the seller for a four-bedroom home on Ridge Road in Tiburon that sold last month for $8.495 million. Six months earlier, he said, the property would have received multiple offers, but instead it drew three prospects and a single offer. It sold for $8.389 million, according to the real estate data firm Zillow.
“Sellers, if they’re smart, are having to adjust their expectations and price closer to where they’re going to sell,” said Woods, who has been an agent for 14 years. “The values are still hanging in there, but activity is dropping. Things are sitting on the market for a while.”
Robert Eyler, chief economist for Marin Economic Forum, said forecasts are calling for a slowdown or contraction in the market. He said the recent period of price escalation has been followed by profit-taking from owners, buyer fatigue, a surge in credit costs and the migration of workers.
