Marin County, California, Luxury Homes Report (June 2008–Sales and Inventory Analysis)

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 127 active listings, compared to 124 homes last month. This mild rise in inventory was accompanied by a strong month of sales–25 homes sold (the same number of luxury homes closed in April 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. Great news for owners of luxury homes in Marin.

Mill Valley accounted for the greatest number of luxury home sales with 6. Sausalito, Tiburon, Kentfield, and Ross had 3 sales each, Belvedere and Larkspur had 2, and Corte Madera, Greenbrae, and San Anselmo had a 1 sale each. The average days on market for homes that sold was a mere 67 days and the average sales price was just over $2.8 million (roughly $821/per sq. ft.), with an average of 3,461 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 46 active listings, compared with 44 last month. Tiburon, as usual, boasts the largest number of such homes with 20. It is followed by Belvedere with 10, Kentfield with 6, and Ross with 5 such homes. Last month saw 5 sales (compared with 3 in April 2008) and 6 more are currently in escrow. Ultra-luxury homes that sold last month averaged 143 days on the market, sold for an average of $6.64 million (about $1,127/sq. ft.), and were 5,989 square feet. Tiburon boasts the highest priced, gated, view estate for sale in Marin at $44 million.

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 Real Estate Update–June 2008 (Homes For Sale & Price Ranges)

Mill Valley Real Estate Update & Market Report, June 2008

While much of Marin experiences a seasonal indolence this time of year (a.k.a. the Summer selling season), Mill Valley’s sales numbers continue to skirt the stratosphere. What can I say? Mill Valley can stand up toe-to-toe with any micro-market one can point to. As noted in my reports over the years, Mill Valley is simply one of the most desirable and highly sought-after communities in Marin–and for good reason (click HERE for last month’s report and 8 solid reasons we love Mill Valley).  

The number of homes for sale in Mill Valley was slightly up this month and the percentage of homes in escrow rose in the bread and butter price band ($1 million to $1.5 million). Predictably, 53% of homes priced under $800,000 and 33% of homes between $1 million and $1.5 million are in escrow. I have noted in past months that Agents were exhibiting ”a sense of purpose” and the numbers again reflect that. Mill Valley’s inventory of single family homes for sale is about 110 homes currently on the market (there were 104 in May 2008). Mill Valley homes that sold during the past month averaged 80 days on the market and sold for an average price of about $1.747 million (about $697 per square foot), and averaged about 2,533 square feet.  

 

Homes in Sycamore Park, Sunnyside, Kite Hill, Boyle Park, 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 (Kyle Frazier, Realtor) a call at (415) 350-9440 or e-mail me at [email protected].

San Rafael Real Estate Market Report (June 2008 Home Sales Update)

For the past three months, San Rafael real estate has shown impressive strength. In terms of sales, from entry level homes (under $800,000) all the way up through the semi-luxury segment (homes priced between $1 million and $1.5 million), buyers are taking the plunge–almost 30% of homes are in escrow in the entry level segment (for a brief discussion regarding the importance of the percentage of homes in “Pending” status, click HERE). 

As we enter the Summer, I expect that the pent-up buyer demand evident over the past few months will continue to bolster our current steady market. As many buyers come to grips with lending changes and stricter underwriting policies (making it harder to borrow money), the low end will flourish–and there is adequate inventory to accommodate this demand with 18 homes for sale under $600,000 and 59 homes under $750,000.

The listing inventory in San Rafael dipped ever so slightly over the past month. And despite the buzz reported last month and the apparent surge in sales, sellers still need to focus their efforts on presenting their homes in the best possible light and (even more importantly) pricing their homes to sell. Buyers know value when they see it (and they expect to see some sizzle from motivated sellers). Of the 44 homes that sold in June 2008 (34 sold in May), the average days on market was 57 days. These homes sold for an average price of about $888,000 (about $487/square foot) and the average size was approximately 1,843 square feet).  San Rafael’s strongest micro-climate markets during the past month included The Dominican, Glenwood, Terra Linda, Marinwood, Peacock Gap, and Lucas Valley Estates. Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes quickly and decisively. 

 

 Contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.

Novato Real Estate Market Update (June 2008 Home Sales Report)

As noted in this report last month, the Novato (Marin County, California) real estate market continues to show signs of increased health and vitality. While the number of active listings remains high, buyers are really beginning to get in there and write offers in the hopes of tapping into the aggressive pricing embraced by sellers. Indeed, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. Moreover, there are 4 homes under $400,000, 19 homes under $500,000 (down from 29 last month), and 54 homes under $600,000 (down from 83) currently on the market. At the other end of the spectrum, Novato’s resurgent semi-luxury market ($1 million to $1.5 million price range) posted 9 sales in May 2008.

Overall, roughly 23% 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. My listings are seeing plenty of activity.

Twenty-eight Novato homes sold in May 2008–a little less than April which saw 31 home sales. These homes averaged about 109 days on market, sold for an average sales price of $804,000 (roughly $379 per sq./ft.), and the average sized home was 2,165 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.

 

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.

Marin County Schools — Superior Rankings & Test Scores Abound

Marin County is blessed. Great weather. Low crime. Close to San Francisco. No bridge traffic. A couple hours from Tahoe. A short flight to Hawaii or Mexico. Hiking, biking, jogging, fishing, swimming and surfing. Virtually unlimited group sports, unbelievable parks, and dedicated open space at every turn. Hippies and yuppies living in harmony.

But, it’s the schools that make Marin County the destination of choice when it comes to San Francisco professionals seeking a place to land when the wonderment and joy of City living begin to fade. Moreover, even lifelong San Franciscans seeking the sun after retirement often choose to move a bit north into Marin. But, this article is about the schools.

Again, Marin out-paced nearly all counties in California on the State’s annual performance exams. Of the county’s 61 schools, 72% achieved a score above 800 (schools above 800 are considered “excellent”), including 3 high schools—Redwood, Tamalpais, and Sir Francis Drake (Novato High came in just under 800). Eighteen schools scored 900 or greater, including every school in Mill Valley (Edna Maguire 938, Old Mill 928, Park 916, Tam Valley 934, Strawberry Point 922, and Mill Valley Middle School 905). Novato’s Rancho Elementary and Tiburon’s Bel Aire Elementary tied for the highest score in the County at 951.

Other top-scoring schools included Ross Elementary, Brookside Elementary, Wade Thomas Elementary, Dixie Elementary, Vallecito, Bacich Elementary, Lu Sutton, Olive Elementary, Reed Elementary, and Glenwood to name a few. Twenty-five schools achieved the highest rank possible (a “10”).   

Click here to access ALL TEST SCORES.

International / Foreign Real Estate Investors In San Francisco & Marin County

With the diminishing relative strength of U.S. currency, more and more foreign investors are looking into buying homes, condos, and other forms of real estate — particularly in desirable U.S. coastal cities and outlying communities. San Francisco (and Marin County), along with New York City, Miami, and the beach communities of Los Angeles, have attracted investors and second home buyers for decades. Today there are more of these buyers than ever before.

In addition to the weakened dollar, the internet has simplified the search process. Anywhere in the world, one can readily access all homes for sale and relevant market information on the city in which the home sits.

In Marin County, local realtors are noting an increased number of English, Chinese, Korean, Canadian, and other buyers. The numbers of luxury homes sold to foreign buyers has increased to nearly 10% of homes sold, up from 4% in 2007, and 1% in 2006 and 2005. The National Association of Realtors’ Profile of International Home Buying Activity, noted that since the housing boom of 2001–2005 ended in 2006, activity was up and that the median price for homes purchased was significantly higher than the national median and much higher percentage bought with cash (28% compared with 8%). Florida, California, and Texas were the top three states for foreign investors.

For answers to any of your questions relating to the Marin County real estate market, please call me (Kyle Frazier) at (415) 350–9440, or e-mail me at [email protected].