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Tiburon & Belvedere CA Real Estate Market Report (August 2009 Home Sales Update)

August 14, 2009 by  

The Tiburon and Belvedere real estate market is showing signs of gathered traction despite ongoing concerns on Wall Street regarding consumer confidence and spending. There are currently 102 active listings in the 94920 zip code, which covers Tiburon and Belvedere (down from 120 last month). Nineteen of these properties are priced over $5 million — however, three are currently in escrow and we did see a sale close for $7.5 million in July. This activity is up sharply from the flatline base experienced in the first half of 2009. Meanwhile, there is also fairly strong activity in the lowest price band (under $2 million), which accounted for 9 sales in July 2009. Overall, we saw 13 homes close escrow in July, as compared with 7 sales in April and May 2009, and 10 in June 2009. 

One interesting observation based on the below graph: not until March of this year did the median asking price for homes in Belvedere dip below that of 2008. Belvedere was the last Marin city to experience that shift (a full 6 months after Tiburon). Over the past several months however, that shift has become more exaggerated as prices begin reflecting market realities. Indeed, there are currently 2 homes for sale in Tiburon under $1 million and another home in Belvedere. Rarely do we see Belvedere homes hit the market under $1 million. 
 
Real Estate Market Chart by Altos Research www.altosresearch.com
 
There are currently 28 active properties listed for sale under $2 million in Tiburon and Belvedere — 10 additional homes are in escrow. For homes that sold in July 2009, the average price per square foot was $765 — although this number is skewed somewhat by the makeup of the sales last month, it is very low number that has caused sellers a high level of concern. Below is a chart with up to date figures relating to the number of homes on the market in Tiburon and Belvedere, along with the number of homes currently in escrow. Note in the chart below, beyond the entry level price band, activity was fairly slow this past month. Numerous additional ultra-luxury homes were removed from the market — typical for this time of year, but perhaps also influenced by the low price per square foot number noted above. 
 
Price Range Total Active Properties In Escrow
up to $2 million 28 26%
$2 million to $3 million
28 18%
$3 million to $5 million 28 10%
$5 million to $10 million 11 21%
$10 million and up 7 0%
 
Tiburon and Belvedere real estate that sold last month exhibited the following characteristics:
  • Number of Sales: 13
  • Average Days on Market: 136
  • Price: $2.392 million
  • Square Feet: 3,008 
  • Price per Square Foot: $765
If you have any other questions or would like a custom market analysis of your home’s current likely sales price, please call me at (415) 350-9440. My name is Kyle Frazier and I am a Certified Residential Specialist (CRS) and Broker Associate with Marin Counties finest real estate firm Morgan Lane Marin Real Estate. It is always my pleasure to be of service. 
 

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