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March 2023 Newsletter

Dear Clients, Family, Friends, and Neighbors,

It has been a “buckle your seat belt” experience for many the past ten days. A different sort of March Madness, for sure. The lightning speed implosion of Silicon Valley Bank and the vulnerability of First Republic Bank certainly got our collective attention. I am a big fan of First Republic and the people who work there. I am crossing my fingers that they weather this storm.

All eyes will be on the Fed meeting Wednesday to see if they approve a quarter-percentage-point increase, which most expect them to do, or hit the pause button. Out of crisis comes opportunity which why many buyers are seizing the opportunity and taking advantage of a slight dip in rates.

BAREIS® (our multiple listing site) shows there have been 161 single family home sales ($1M +) YTD compared to 323 sales Y.O.Y. for 2022: a 48% decrease in sales volume. Lack of inventory continues to be a huge factor in this market. In the past several weeks, our team has observed a number of homes receiving both multiple offers and compelling preemptive offers for homes. See below for a few examples:

15 Elizabeth Circle, Greenbrae received 9 offers earlier this month and sold for $2,005,000. List price $1,695,000.

2 Raymond Avenue, San Anselmo received two preemptive offers earlier this month and sold for $2,700,000. List price $2,395,000.

302 Bristol Place, Mill Valley received 30 offers last week. List price $1,195,000

145 Via La Cumbre, Greenbrae received 10 offers last week. List price $1,200,000

22 Windward Avenue, Belvedere received two offers several weeks ago and sold for $5,800,000. List price $5,350,000.

Our First-Time Home Buyer Webinar is happening next Thursday, March 30th. Our team is thrilled to be collaborating with four other high performing teams. My Compass colleagues – Shana Rohde-Lynch from Marin County, Dana Green Team from Contra Costa County, Neal Ward Properties and Missy Wyant Smit Team from San Francisco are all co-hosting with us. Alber Saleh of Wells Fargo Private Mortgage Banking will be our special guest. For those of you who will be purchasing a home in the next five years, or have children who may be, this webinar will be packed full of useful information. Sign up here.

Knowing where the buyers come from matters greatly when determining and targeting marketing dollars and resources for our listings. This month, Patrick Carlisle, Chief Market Analyst for Compass shared some interesting data regarding migration in and out of the Bay Area and Marin County per the US Census, 5-Year American Community Survey 2016-2020 estimates published in January 2023. It’s something that those of us who sell a lot of homes know intuitively. The vast majority of Marin County home buyers (64.4%) already live in Marin County or in the Bay Area. 81.8% of Marin County home buyers live in the Bay Area or from a California county outside of the Bay Area. 11.3% of Marin County home buyers are from another state and only 6.9% of Marin buyers live outside the US. Click her for details.

Finally, the first of our spring listings is coming on the market this week and we are thrilled. Check out our website for more on our spring line up or call me for more information.

Wishing everyone a healthy and happy March. As always, we love to hear from you, so please do not hesitate to reach out or stop by our office.

With gratitude,