Marin’s median home price is $1.7 million on the “adjusted” market.

The median price of a detached home in Marin County fell to $1.7 million last month as the market entered an autumn of economic uncertainty.

The number is down from $1.8 million in July and unchanged from the previous August, according to the latest data from the county resident’s office. Sales fell from 277 in August 2021 to 192 last month, down 44%.

Marin’s average price is up 42% in just five years, up from $1.2 million in August 2017. It crossed the $2 million threshold in April and May of this year before drifting again lower.

The market is “definitely adjusting,” said Scott Woods, real estate agent for Compass.

Woods represented the seller of a four-bedroom home on Ridge Street in Tiburon that sold last month for $8.495 million. Six months ago, he said, the property would have received multiple offers, but instead attracted three prospects and one offer. It sold for $8.389 million, according to real estate data company Zillow.

“Sellers, if they are smart, have to adjust their expectations and the price is closer to where they are going to sell,” said Woods, who has been an agent for 14 years. “Values ​​are still hanging there, but activity is going down. Things are sitting in the market for a while.”

The outlook calls for a slowdown or contraction in the market, said Robert Eller, chief economist at the Marine Economic Forum. He said that the recent period of price hikes was followed by profit taking from owners, fatigue from buyers, an increase in credit costs and an exodus of workers.

“We should expect that buyers don’t have to jump into everything in the market,” said Eller, dean of Sonoma State University.

However, he said, Marin Market like new building permits primarily for apartments, condominiums and homes. This will provide some price protection for detached homes, he said.

“There is no reason to believe that we will see the same or similar downturn that we experienced in the period from 2006 to 2009,” he said. “We shouldn’t expect a 35-40% drop like we saw in the Great Recession.”

At the higher end of Marin Market last month, three detached homes in Belvedere sold for a median price of nearly $3.5 million. Three of them sold in Sausalito for an average of $3.4 million; Nine of them were sold at Tiburon for an average of $3 million, according to the resident’s office. The average price in Ross was $3.795 million, but the number is based on a single sale.

Madeline Scheider, the agent who represented the buyer in the Ross deal, said some properties in Marin remain unsold and that some sellers are lowering prices. But she noted that stock remains low.

“There is still demand for homes,” said Scheider, who has been an agent for more than 30 years. “However, buyers are definitely holding off a bit because of interest rates, the stock market, and inflation.”

In other parts of Marin, average detached home prices last month were $2.35 million in Mill Valley. $2.25 million in Larkspeare; $1.925 million in Corte Madera; $1.9 million in unincorporated territories; nearly $1.5 million in San Rafael and Fairfax; $1.35 million in San Anselmo; and about $1.2 million in Novato.

In the condominium and condominium market, the median price in Marin was $875,000 last month, down slightly from July and up about 9% from August 2021. The county reported 75 annex home sales last month, down from 86 a year earlier.

Statewide, the median price for detached homes was $839,460 last month, according to the California Association of Realtors. That was 0.7% higher than July and 1.4% higher than August 2021. Home sales were up 6.1% from July and down 24.4% from August 2021.

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