The spring house hunting season has arrived, but it would appear that sellers have yet to be informed. In Marin County, the current inventory of existing homes on the market would last a mere 40 days at the current sales pace. In some areas, such as Larkspur and Corte Madera, the supply is less than a month’s worth. A typical supply for Marin County is about 4 months, while a 6 month supply is generally considered ideal. With inventory so low, the market is definitely in favor of sellers, who are receiving multiple offers quickly and generally selling homes for over their ask. As a result, the median price fetched for Marin homes in April was $1,141,500, nearly 16 percent higher than the median from last April.
The housing inventory in Marin has historically been constrained just like other communities where there isn’t much room to build. According to Greenbelt Alliance, some 55.6 percent of the land is protected in Marin County. In addition to limiting the amount of room to build, these protections also make Marin a highly sought-after place to live, driving demand which lowers supply.