Q3 brought a perfect storm of positive economic indicators: falling interest rates, a resilient stock market, and the lowest inflation in over three years. This combination of factors has injected new energy into our local market. 

At first glance, inventory might seem unchanged. With 310 homes for sale on the last day of the quarter, at first glance, there appears to be a modest 3.7% increase year-over-year. The interesting data point is that the number of homes in escrow surged by a whopping 20.2%, with sales increasing by 10.1%.  Overall in Marin, 39.7% of properties are selling over list price, down from 48.7% last year. This is an opportunity, if you know where to look for it.

What does this mean for you? Homes are moving faster! If you're a buyer, you need to be prepared to act decisively: understand your budget, engage an agent that can give you timely in depth analysis and due diligence on the property and community, be completely underwritten for a mortgage, have a sound offer strategy, and in this market, have your insurance agent on speed dial. If you're a seller, it's a prime time to leverage this increased activity with pricing strategy is more critical than ever.

According to the California Association of Realtors chief economist, Jordan Levine, “Although inventory is expected to loosen as rates ease, demand will also increase with lower mortgage rates and limited housing supply, which will push home prices higher next year. Assuming a healthy economy in 2025 that slows but doesn’t shrink, home prices should rise across California, with the state’s median price climbing 4.6 percent.”