The eclectic waterfront town of Sausalito brings California's coastal charm to a new level. Located in Marin County, Sausalito sits to the north of San Francisco and sports the glamor and sophistication of that sweeping metropolis sans the hustle and buzz of hectic city life. Originally the site of coal and timber production, Sausalito has come a long way from its humble beginnings and is now renowned for relaxed elegance and affluent luxury. This celebrated destination is coveted by residents and visitors alike and features both vacation homes and main residences.
Sausalito real estate is as stunning as the waterfront views. Grand estates perch high on the hills overlooking the bay, boasting glass walls to take in the panoramic vistas, while closer to town, colorful bohemian cottages evoke a sense of whimsy. Lush gardens and verdant lawns accompany the homes here, and backyard patios set the stage for sunny alfresco breakfasts or sunset drinks. Across the bay, San Francisco glitters like a sky full of stars.
This posh hamlet invites residents to live their most luxurious lifestyle, and the highly sought-after real estate scene seconds the motion. How will this dynamic market evolve and grow over the next few years? Let’s take a look at a few factors influencing the Sausalito real estate market.
The Current Sausalito Real Estate Market
While across the nation, the seller’s market has recently begun to show signs of waning, the housing market in Marin County, particularly in the luxury home bracket, continues to hold water. Low inventory keeps both buyer interest and prices high, and with no new properties being built, existing homes are still enjoying a selling heyday.
What To Expect For the Coming Sausalito Real Estate Market
Changes in the real estate market have swept the nation over the past few years. From the stronghold seller’s market that popped up in the post-quarantine excitement to the recent wave of Federal Reserve developments and economic inflation, the nation’s real estate muscles have certainly been flexing.
Rising interest rates have changed the face of the real estate market, slowing the speed of the seller’s market and inching it closer to buyer territory. The Fed initiated the rate increase in an attempt to balance the lopsided market, hoping the higher rates would slow the soaring house prices. As home prices climbed higher and higher last year, inflation ballooned across the board, creating an unsustainable bubble and a wobbly economy. The rate increase, which was incremental to start, has indeed had the desired effect — housing prices have dropped, inventory has increased, and the rate at which homes sell has leveled off a bit across the nation. Multiple bid scenarios have calmed down as well, and although each individual market is different, housing prices have dropped significantly in some markets. California, in particular, is expected to see an almost 9% decrease in median prices.
That said, luxury markets have historically remained unscathed through market fluctuations. In general, 2023 is shaping up to offer a much more balanced market. Buyers who lost out in the highly competitive 2022 market will have a chance to get back out there in 2023.
How Seasonality Will Affect the Sausalito Real Estate Market
Fall and winter have historically brought the market to all but a halt, and while the advent of technology and online listings have changed the way buyers and sellers do business, the general idea remains. Fall brings the start of a new school year, and winter brings America’s major holidays and California’s rainy season, all of which contribute to a slower selling period. Most buyers want to be settled in their new home well before Thanksgiving, while families with school-aged children are concerned about getting settled in a few weeks before the school year begins.
If the average sale takes about three months to complete, the closing date would have to fall in early to mid-August in order to satisfy the fall and winter crowd, which puts the listing at around May. In fact, spring is the most successful time to sell, not only because it sets up the cleanest timeline, but also because the lush green grass and fresh blooms of May show just about every property in its most attractive light.
Continued Appeal for Sausalito Homes
Why you should work with a real estate agent
Are you interested in exploring the Sausalito real estate market? Contact Jeff Marples today to begin your luxury real estate search.
*Header photo courtesy of Shutterstock