Market Summary | November 2008

November marked yet another rocky month for Marin real estate. The medium home price hit a new low of $824,000 for the year, a 7.3% decline from last month.

No doubt the Marin real estate market has been suffering a slow steady decline over the last few months. While our once highly-publicized ‘bulletproof’ market is slowing, when you dig deeper, it is clear that the problem is very much isolated. The real culprit leading the slowdown is Northern Marin where we are seeing a sizeable number of distressed bank-owned ‘REO’ sales and some foreclosures. The rest of the market is faring rather well in fact. Southern Marin, for instance, is at par with last year and the high-end is actually appreciating. In reality, Marin is holding up exceptionally well relative to the broader market, and is expected to continue to outpace the national average as it has since its development.