Marin County’s $2 million to $4 million luxury home market saw a slight rise in the number of homes for sale this past month with 124 active listings, compared to 115 homes last month. This mild rise in inventory was accompanied by a strong month of sales–25 homes sold (just 15 sales closed in March 2008). Worth noting here is the fact that although the number of non-luxury homes sold this year compared to last year is down significantly (e.g., about 20%), the luxury market has NOT experienced a similar decline–in April 2007, there were 26 sales. Great news for owners of luxury homes in Marin.
Tiburon, Mill Valley, and San Anselmo each registered 5 sales in the $2 million to $4 million range, followed by Sausalito, Belvedere, and Kentfield with 2 sales apiece. Larkspur, Greenbrae, and Corte Madera each had one sale. The average days on market for homes that sold was a mere 48 days and the average sales price was just over $2.786 million (roughly $820/per sq. ft.), with an average of 3,530 square feet.
The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 44 active listings, compared with 35 in April 2008. Tiburon, as usual, boasts the largest number of such homes with 15. It is followed by Belvedere with 9. Kentfield and Ross each claim 5 such homes. Last month saw 3 sales (2 in Kentfield and 1 in Belvedere) and 7 more are currently in escrow. And again, these sales numbers are above last year’s totals (there was just one home sale in this price range in April of 2007). Ultra-luxury homes that sold last month averaged 252 days on the market, sold for an average of $6.241 million (about $1,270/sq. ft.), and were 5,147 square feet.
Note that all homes in contract are included in the category “Pending” even though some are technically “Contingent” properties (e.g., the buyers have not removed all contingencies). This information is limited to Marin County’s Highway 101 corridor towns and cities that consistently maintain a monthly inventory of luxury and ultra-luxury homes (Western Marin coastal homes are not included). Call Kyle Frazier, CRS, Broker Associate, Frank Howard Allen Realtors of Marin, at 415/350-9440 with any questions about a particular neighborhood or your situation. You can also e-mail Kyle at [email protected].
Marin County, California, real estate continues its annual journey onwards and upwards. As the buying and selling season wears on, inventory is up as are the number of homes in escrow. We currently have 881 active listings (up from 802 in April 2008). This time of year historically sees an up-tick in listings as sellers with children wait for school to let out before putting their homes on the market and the homes that are not selling remain on the market–I all it the “inventory accretion season.” Buyers continue to visit open houses in droves. Report of multiple offers continue rolling in (one home I called on last week was at 23 offers and counting). Interest rates are truly outstanding right now–if you are interested in up-to-the-minute rates, contact me.
The graph below breaks down the current number of homes (not including condos) for sale in Marin County, California, in May 2008, along with the price ranges for each town/city.
Marin Single Family Homes For Sale
|
Town/City
|
Homes for Sale
(Active Listings)
|
Price Range
|
|
Sausalito
|
21
|
$899,000-$18 million
|
|
Belvedere
|
16
|
$2.599 million-$9.95 million
|
|
Tiburon
|
43
|
$1.399 million-$13.95 million
|
|
Mill Valley
|
103
|
$524,000-$10.25 million
|
|
Larkspur
|
25
|
$319,000-$2.695 million
|
|
Corte Madera
|
22
|
$605,000-$2.3 million
|
|
Greenbrae
|
8
|
$1.098 million-$2.499 million
|
|
Kentfield
|
24
|
$869,000-$15.95 million
|
|
Ross
|
17
|
$749,000-$22 million
|
|
San Anselmo
|
60
|
$639,000-$4.495 million
|
|
San Rafael
|
184
|
$469,000-$6.95 million
|
|
Novato
|
263
|
$325,000-$3.499 million
|
Some observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you’ll need $2.599 million at the entry level (and note that a new listing on one of the lagoon’s coveted roads, Peninsula Road, just came on the market at $2.795 million). Tiburon boasts five homes in the $10 million and up range.
On the other hand, Novato continues to be a Marin home buyers’ dream with 29 homes under $500,000; 83 homes under $600,000. Novato’s 263 active listings is by far the most in Marin County. Investors are active (again, amazing rates right now) and all signs point to a healthy market in Marin County in coming months. If you desire a list of Marin County’s best deals or more specific analysis of your neighborhood, please give me a call at (415) 350-9440.
What do you get when you put together the following ingredients? (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay and Mt. Tam, (3) excellent schools, (4) pleasant weather, (4) a mellow, laid back ambiance, (5) a town square unlike any other in Marin (you have to go to the town of Sonoma for anything like it), (6) diverse social events (think Mill Valley Film Festival), (7) lots of good restaurants, (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds, and (9) virtually unlimited access to nature. You get a hot real estate market!
Mill Valley’s sales numbers over the past month are amazing. To the extent that the media has painted a dire and depressing portrait of the the real estate landscape, you can dismiss that characterization as far as Mill Valley is concerned. The above reasons, along with a host of others, provide ample justification for the fact that Mill Valley is THE place people thinking of moving out of San Francisco generally start with when they decide to buy a home in Marin County.
Bucking the trend through most of Marin, inventory is down in Mill Valley this month. Meanwhile, the percentage of homes in escrow has risen in all price bands except to $2 million to $4 million range. Incredibly, 29% to 33% of homes are in escrow under $2 million. I noted last month that Agents were exhibiting ”a sense of purpose” and the numbers certainly reflect that. Mill Valley’s inventory of single family homes for sale is down to 104 homes (there were 116 in April 2008). Homes that sold during the past month averaged a mere 39 days on the market and sold for an average price of about $1.813 million (about $696 per square foot), and averaged about 2,248 square feet.
|
Price Range
|
Total Active Homes
|
Pending Listings
|
|
Up to $800K
|
13 (down 4)
|
32%
|
|
$800K – $1 mil.
|
8 (down 3)
|
33%
|
|
$1 mil. – 1.5 mil.
|
32 (down 7)
|
29%
|
|
$1.5 mil. – $2 mil.
|
22 (down 2)
|
33%
|
|
$2 mil. – $4 mil.
|
26 (down 4)
|
10%
|
|
$4 mil. & Up
|
3 (down 1)
|
25%
|
Homes in Sycamore Park, Sunnyside, and Cascade Canyon continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at [email protected].
San Rafael real estate, although performing at a level slightly below that of Southern Marin, is showing some impressive strength in certain market segments. Much like last month, San Rafael’s entry level homes (under $800,000) are selling very well, as are homes priced between $1 million and $1.5 million–both of these segments boast over 30% of homes in escrow (For a brief discussion regarding the importance of the percentage of homes in “Pending” status, click HERE). As the buying season wears on, pent-up buyer demand is evident–as reflected by robust open house attendance and the large number of phone inquiries from both agents and the public. Competitively priced homes are commonly receiving multiple offers, and the buzz in local real estate offices is palpable.
As with Marin in general, San Rafael’s inventory is up slightly. Despite the buzz, sellers still need to focus their efforts on presenting their homes in the best possible light and pricing their homes to sell. There needs to be some sizzle as buyers know value when they see it. Of the 34 homes that sold in May 2008 (24 sold in February), the average days on market was 74 days. These homes sold for an average price of about $915,000 (about $459/square foot) and the average size was approximately 2,082 square feet). San Rafael’s strongest micro-climate markets during the past month included The Dominican, Terra Linda, Peacock Gap, and Lucas Valley Estates. Renovated Eichler homes continue to see strong sales. Contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.
Write offers with confidence—this is NOT a short or bank-owned property. This immaculately kept home in The Vistas sits in a prime location, literally steps away from shopping, a cafe, a deli, bakery, gym, transportation, day care, a park, and more. There is no rear neighbor and new fencing on either side provides a very private rear yard space. The superior upgrades and attention to detail are unrivaled in this price range. Upgrades Include: master bedroom with its own bath, re-wired electrical system w/upgrades (per owner), fresh paint inside and out, newer carpets, double-paned windows and new window coverings, many newer fixtures, newer fencing and landscaping (including automated irrigation), and a huge storage shed. 
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- Property Address: 17 Raposa Vista, Novato, CA. 94947
- Listing Price: $499,000
The Novato (Marin County, California) real estate market continues to show signs of increased traction. While the number of active listings remains high, buyers are jumping in to take advantage of the aggressive pricing evident in the market. Indeed, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. Moreover, Novato also has an amazing 29 homes under $500,000 and 83 homes under $600,000. Overall, roughly 20% of homes on the market in Novato are in escrow. Although sellers face stiff competition, they can lure buyers with good pricing and outstanding curb appeal. I expect that sales will continue picking up in the coming months as pent-up buyer demand takes hold.
About 31 Novato homes sold in April 2008–a little less than the prior month which saw 37 home sales–they averaged about 98 days on market, sold for an average sales price of $686,000 (roughly $372 per sq./ft.), and the average sized home was 1,907 square feet. Homes in Hamilton Field (particularly South Gate and Newport), Rush Creek, Indian Valley, and San Marin continue to get robust numbers of showings.
|
Price Range
|
Total Homes
|
Pending Listings
|
|
Up to $600K
|
83
|
25%
|
|
$600K - $750K
|
62
|
23%
|
|
$750K – $1 mil.
|
85
|
13%
|
|
$1 mil. – $1.5 mil.
|
65
|
11%
|
|
$1.5 mil. & Up
|
25
|
4%
|
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is my pleasure to be of service.
