Buyers were singing the blues this summer. With houses, houses everywhere but not enough to go around. In the traditionally quiet vacation season, sellers took advantage of the low inventory and climbing prices while buyers just wanted to find a place to call home.
House buying is not for the faint of heart as prices moved up 10% or more between January and June and inventory dropped to 1.4 months making this an extreme sellers’ market.
Will these trends continue? Who knows? We do know that the population in Marin has grown 1.4% in the past four years yet housing has only grown .04%, our unemployment rate is 3.8% and our neighbor San Francisco is at 4.4% unemployment with housing stock just as constricted there.
it looks like the summertime blues may drift into the foreseeable future with our population growth exceeding housing by 200%, a robust job market and continued low interest rates for now.
Sellers, carpe diem! If you’re thinking of selling, there is no better time than now.