Time to look at some numbers now that Labor Day has passed and we’re transitioning into what’s traditionally a busy time of year. Overall, Marin home sales slowed down quite a bit over the Summer, but much more in some areas and segments of the market than others.
Here’s a chart showing the pending percentage by city for August, which you get by dividing the the number of new sales each month by the number of homes for sale. A higher number means more demand compared to the supply of homes on the market. As you can see, a few cities in the county were pretty active while other areas were relatively much quieter.
And when you look at the same stat by price range you see that the lower end is much more active than the luxury market.
Well-priced entry level homes are moving, driven somewhat by distressed properties as has been the case for some time now, but the high end market is very sluggish. It’ll be interesting to see what happens this month. There are more listings coming on as expected, but we’ll have to see if sales pick up enough to keep pace.