The Marin County and San Francisco real estate markets saw year-over-year gains in October 2024, with median prices for houses and condos rising by 2% and 5.5%, respectively. Following a surge in September listings, October sales activity reached its highest level since spring 2022, with the absorption rate—a measure of buyer demand versus home supply—also hitting its highest since that period. Monthly sales volume increased by 19% from last year, and year-to-date sales were up by 11%, alongside a reduction in days on market and increased overbidding. The luxury sector outperformed the general market, with year-to-date sales of $5 million+ homes up by 40% and $2.5 million+ condos by 48%, potentially reflecting strong stock market performance. Interest rates rose in October and early November, while major stock indices hit record highs, creating mixed impacts on buyer demand. Typically, market activity cools significantly in November and December, with many unsold listings withdrawn until the new year, especially in higher price ranges. However, these months often provide opportunities for buyers to negotiate favorable deals.
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