The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California fell over the past to 106, compared to 122 homes in July 2008. This time of year is the typical slow season as sellers recalculate their positions, buyers are out of the County on vacations, etc., and a number of agents doze off, waiting for things to pick back up in the Autumn. Indeed, the lower inventory was accompanied by a respectable month of sales with 20 homes sold in July 2008.
Mill Valley led the way with the most luxury home sales (4 of these homes sold). Tiburon and Larkspur followed with 3 homes sold and Kentfield and San Rafael had 2 sales each. Ross, San Anselmo, and Corte Madera had 1 sale each. The average days on market for homes that sold was a mere 70 days (14 days more than in June) and the average sales price was $2.576 million (roughly $907/per sq. ft.), with an average of 3,083 square feet.
The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also fell–we now have just 46 active listings, compared with 54 last month. Tiburon leads the pack in this price band with 19 homes for sale. Ever-competitive Belvedere is hot on its tail with 10 listings. Other cities / towns with homes in this price band include Kentfield, Sausalito, Mill Valley, Ross, and San Rafael. Sales are up a whopping 25%–but don’t get too excited. We had 4 sales last month (compared with 3 in June 2008 and 5 in May 2008). Additionally, 3 of these homes are currently in escrow. Ultra-luxury homes that sold last month averaged a extraordinarily low 64 days on the market (sales in June averaged well over 200 days), sold for an average of $5.45 million (about $1,285/sq. ft.), and were 4,539 square feet.
Last month, I was again compelled to discuss
the importance of pricing a home correctly . Indeed, this past month we see that the sold homes in Marin County’s ultra-luxury market segment, averaged just 70 days on the market. Meanwhile, the unsold home inventory has been on the market for an average of 162 days. Indeed, price it right from the outset and you will sell faster, make more money, and live happier. For other recent thoughts on pricing, click
HERE.
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Marin Cities & Towns
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$2 Million — $4 Million
|
$4 Million & Up
|
|
Active
|
Pending
|
Active
|
Pending
|
|
Sausalito
|
7
|
1
|
2
|
0
|
|
Belvedere
|
7
|
4
|
10
|
2
|
|
Tiburon
|
26
|
4
|
19
|
0
|
|
Mill Valley
|
16
|
6
|
3
|
0
|
|
Larkspur
|
3
|
1
|
0
|
0
|
|
Corte Madera
|
0
|
0
|
0
|
0
|
|
Kentfield
|
6
|
1
|
2
|
0
|
|
Greenbrae
|
1
|
0
|
0
|
0
|
|
Ross
|
2
|
3
|
6
|
0
|
|
San Anselmo
|
15
|
1
|
1
|
0
|
|
San Rafael
|
16
|
0
|
3
|
1
|
|
Novato
|
6
|
0
|
0
|
0
|
The above graph identifies the numbers of active listings and homes in contract in the Marin County luxury and ultra-luxury home market segments. 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, Marin Realtor & 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].
Imagine yourself sitting by the pool with a frosty Mai Tai, a warm summer afternoon breeze fluttering the pages of that novel you’ve been waiting to read, with banana palms waving softly above you.
Pointe Marin pool homes rarely come up for sale — at this price, this gorgeous home will not be around for long.
Welcome to 80 Oak Grove Drive in Pointe Marin, located in a small community of newer homes in highly desirable Southern Novato. Secluded, yet conveniently located within easy walking distance to today’s necessities and a 2 minute drive to HWY 101 and the highly sought-after Southern Novato commute.
For more information and/or a private showing, please call Kyle Frazier, Marin Realtor & CRS, at (415) 350–9440 or e-mail Kyle at [email protected].
Besides having good air (the best in the country, in fact), excellent schools (click HERE for last month’s Forbes article discussing Marin Schools), a relatively short commute (even the Novato commute to San Francisco will soon be improved further when the HWY 101 widening project is completed in December), lots of dedicated open space, beaches, hiking trails, proximity to Lake Tahoe, and everything else we sometimes take for granted living here, we can also be pleased that we don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets).
We currently have 748 active listings (down from 772 in July 2008). While Summer is traditionally slower for home sales, buyers continue visiting open houses en mass. Reports of multiple offers continue, especially for aggressively priced Southern Marin homes in good locations and bank owned properties in Novato. And even though the number of homes sold has decreased significantly this year, sellers are holding fast to their prices (particularly in Southern Marin). While interest rates are generally creeping upwards, they remain at historically low levels making it a great buying atmosphere (especially in Novato and San Rafael)–if you are interested in up-to-the-minute rates or a list of homes for sale, contact me.
The graph below breaks down the current number of homes (not including condos) for sale in Marin County, California, in August 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
|
23
|
$528,000-$18 million
|
|
Belvedere
|
19
|
$2.295 million-$9.95 million
|
|
Tiburon
|
59
|
$1.175 million-$43.995 million
|
|
Mill Valley
|
100
|
$524,000-$10.25 million
|
|
Larkspur
|
16
|
$699,000-$2.495 million
|
|
Corte Madera
|
23
|
$635,000-$2.195 million
|
|
Greenbrae
|
13
|
$699,000-$3.5 million
|
|
Kentfield
|
16
|
$950,000-$7.75 million
|
|
Ross
|
13
|
$729,000-$22 million
|
|
San Anselmo
|
61
|
$599,000-$4.495 million
|
|
San Rafael
|
161
|
$419,000-$6.5 million
|
|
Novato
|
244
|
$387,000-$3.499 million
|
Some observations: Tony Belvedere costs $2.3 million at the entry level. Tiburon boasts 7 homes in the ultra-luxury $10 million and up range. At the other end of the spectrum, Novato has over 90 homes under $600,000. Investors are active (again, amazing rates right now) and all signs point to a robust real estate market in Marin County as we head into the Autumn. 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.
As our Summer selling season wears on, Mill Valley’s real estate market has sustained itself nicely. Across the board, this year has simply seen less inventory than the past few years as sellers have decided to wait for the real estate market to improve (although sales in Mill Valley are strong despite the media characterizations).
Home sales are strong because everyone loves Mill Valley. And here are a couple of reasons why: (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.
This is not news to anyone who follows my monthly reports. Mill Valley is simply one of the most desirable communities in Marin and its sales and prices reflect that fact.
Predictably and in line with June 2008, 53% of homes priced under $800,000 and 18% of homes between $1 million and $1.5 million are in escrow. Mill Valley’s inventory of single family homes for sale is about 102 homes currently on the market (there were 107 in July 2008). Mill Valley homes that sold during the past month averaged 56 days on the market and sold for an average price of about $1.726 million (about $724 per square foot), and averaged about 2,348 square feet.
|
Price Range
|
Total Active Homes
|
Pending Listings
|
|
Up to $800K
|
6 (no change)
|
53%
|
|
$800K – $1 mil.
|
17 (up 2)
|
22%
|
|
$1 mil. – 1.5 mil.
|
40 (down 3)
|
18%
|
|
$1.5 mil. – $2 mil.
|
19 (no change)
|
9%
|
|
$2 mil. – $4 mil.
|
17 (down 4)
|
23%
|
|
$4 mil. & Up
|
3 (up 1)
|
0%
|
Homes in Boyle Park, Middle Ridge, Homestead Valley 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].
As Summer wears on, the entry level market in San Rafael has exploded. My market reports have been noting the pent-up buyer demand for months now. July 2008 can be characterized as the “warm water month” because it seems everyone jumped in. Over 43% of homes in the under $800,000 price range are in escrow! That is a hot market. Despite stricter underwriting policies many buyers can qualify for loans and it appears that they are focused on the low end–and there is plenty of inventory to accommodate. Nineteen homes are for sale under $600,000 and 33 homes are listed under $700,000.
Sellers are focused 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 37 homes that sold in July 2008 (43 sold in May), the average days on market was 59 days (down from 80 days in June 2008). These homes sold for an average price of about $930,000 (about $481/square foot) and the average size was approximately 1,983 square feet). San Rafael’s strongest micro-climate markets during the past month included Glenwood, Los Ranchitos, Santa Venitia, and Lucas Valley. Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes quickly and decisively.
|
Price Range
|
Total Homes
|
Pending Listings
|
|
Up to $800K
|
50 (down 6)
|
43%
|
|
$800K – $1 mil.
|
40 (up 4)
|
17%
|
|
$1 mil. – 1.5 mil.
|
30 (down 5)
|
6%
|
|
$1.5 mil. – $2 mil.
|
15 (down 7)
|
21%
|
|
$2 mil. & Up
|
21 (up 3)
|
0%
|
Contact Kyle Frazier, Marin Realtor & CRS, Frank Howard Allen Realtors, with any questions: (415) 350-9440.
The Northern Marin (e.g., Novato) real estate market continues to out-pace the Central Marin market in certain price bands. Active listings are abundant. Buyers are focused and seemingly undeterred when it comes to writing offers below asking price–sometime significantly so. Sellers with a need to sell are embracing aggressive pricing.
As I have noted over the past few months, there are several
newer homes, under 10 years old, under $800,000 in Hamilton Field. I have a
new listing that is exquisite, with a pool, and located in the highly sought after neighborhood of Pointe Marin–asking price $799,000. This is an example the fantastic value available in Novato. New business arrivals at Hamilton Landing are fueling many purchases in Northern Marin as is the new
Hamilton Marketplace.
There are 43 homes under $500,000 (up from 30 in July 2008), and 67 homes under $600,000 (up by 13) 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 another 7 sales (there 5 last month). Overall, roughly 23% of homes on the market in Novato are in escrow. Sales, it appears, have continued over the past month, even though Summer tends to be slow for home sales. Certainly, my listings are seeing plenty of activity with dozens of visitors at open houses.
Thirty-four Novato homes sold in July 2008–up by 2 from June 2008, which saw 32 home sales. These homes averaged about 122 days on market, sold for an average sales price of $769,000 (roughly $370 per sq./ft.), and the average sized home was 2,171 square feet. Homes in Pointe Marin, Rush Creek, Indian Valley, and Stonetree continue to get robust numbers of showings and/or interest.
|
Price Range
|
Total Homes
|
Pending Listings
|
|
Up to $600K
|
94
|
29%
|
|
$600K - $750K
|
63
|
35%
|
|
$750K – $1 mil.
|
77
|
18%
|
|
$1 mil. – $1.5 mil.
|
53
|
19%
|
|
$1.5 mil. & Up
|
32
|
3%
|
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 always my pleasure to be of service.
