Marin Market Update with Shelter In Place | March 2020

A quick look at what’s happening behind the scenes in the Marin Real Estate Market since Shelter in Place (SIP) was ordered throughout California due to COVID-19.

As homeowners, as homebuyers, and as realtors it greatly affects us all – our futures, our investments and our quality of life in the comforts of home. The truth of it all is that no one knows exactly how it’s going to turn out and how it will affect our niche market in the desirable Bay Area. The charts below look at the most recent data available to us, though the impact of the wild volatility in the financial markets and the unfolding situation with the coronavirus has yet to show up in reliable statistics.

Typically, the spring selling season is the most active of the year. Now, with Shelter in Place, we've seen a significant drop in activity but are anticipating a busier than normal Summer. New inventory is being delayed from going on the market and most of the active properties on MLS have been temporarily withdrawn. With the shelter in place requirements in full effect, realtors in Marin and most Bay Area counties are not on the essential services list, putting a formal pause in the marketplace for showings and open houses. This is certainly a good thing from a public health perspective. Check out the chart below to see the number of listings withdrawn from the market.

Properties that were in contract prior to SIP are still, for the most part, closing smoothly, lenders are funding, escrows are performing, and the county is still recording. Homes are still being prepped as contractors and home inspectors are on the essential list. The missing ingredient that allows us to buy and sell homes is our ability to show property to our buyers in person. However, we are quickly adapting to virtual showings to allow for safe viewing of available homes. Over the past two weeks some properties have gone intro escrow from virtual showings.

While we can’t predict when SIP will be lifted, we do know that once we are allowed to show property again there will be an incredible spike in inventory and high demand from buyers ready to purchase a home in Marin and take advantage of historically low interest rates, as illustrated below, that will play a huge role in housing affordability. Now, more than ever, we're learning of 75+ homes that are available and waiting to hit the market once SIP is lifted. If you’re an active buyer, now is the time to get ready. If you're a seller, we have the ability to conduct virtual listing presentations and get your home properly positioned to be presented virtually or on the market when it is safe. We are here to help!