Marin County closed 2017 with a ten-year low in inventory, down 22% from 2016. The declining number of listings was depleted by sales over the quarter, and new listings in December failed to meet demand. Sales declined commensurately as the selection diminished. A short-term contributor, immobilizing buyers and sellers, is the initial uncertainty regarding the impact of the tax bill on homeownership in expensive areas in high tax states. Such phenomena typically fade as headlines change and individuals and families refocus on their personal and financial aspirations.