Marin County, California, Luxury Homes Report (December 2009–Sales and Inventory Analysis)

The luxury home market in Marin County, California, which is vastly improved over a year ago, seems to have hit a comfortable level of activity. As reported in previous months, real buyers continue to homes in prestige locations with emphasis on views and lifestyle amenities (such as large usable yards, proximity to athletic clubs/shopping, reputable schools, and sensible scales). And they are seeking “value.” For the last 2 quarters, the Marin County luxury market has strongly favored homes priced under $3 million.

For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE. And if you would like a hyper-local report relating to any town or zip code in Marin or San Francisco, e-mail or call me at (415) 350-9440.

The below graph tracks asking prices for 3 popular cities in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield.

Marin County, CA. Real Estate Update — December 2009 (Homes For Sale & Price Ranges)

The Marin County, California real estate market approaches the new year with momentum. While the beginning of 2009 was terrible for sellers and the market overall, the latter half of 2009  was quite strong across many market segments, giving brokers and home owners a reason for optimism in 2010. While year over year prices are down in many price segments and locations within Marin, some areas have actually seen prices increase (albeit nominally) year over year. Indeed, I believe that many brokers feel as though absent further crisis, we are at or near the end of the downward cycle — after 3+ years.

As for bread and butter homes (e.g., priced below $1 million, at least 3 beds and 2 baths with 1,500 square feet or more), the chart below reflects the number of homes in escrow county-wide from November 2007 through November 2009 – we are up an astonishing 190%. We see increased affordability and appealing interest rates supporting this trend for the foreseeable future. 

Below is a snapshot of the current real estate market in Marin. Contact me for a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code). It is always my pleasure to be of service.

Not surprisingly, inventory dropped significantly over the past month to 471 single family homes for sale (we had over 600 last month). This includes only the Highway 101 corridor (excluding Western Marin inventory and condos).  Note to buyers: if a house is on the market during this time of year, the sellers are often quite motivated — make an offer!

By: Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor

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

Every month over the past five months, Tiburon and Belvedere have seen sales in $5 million and up price band. While sales and activity remain choppy, anecdotally, we are seeing that interest in high-end luxury homes is on the rise. There are currently 72 listings in the 94920 zip code, which covers Tiburon and Belvedere (down 21 from last month). In the lower price bands, activity is moderate. The $2 million to $3 million price range accounted for 4 sales last month – there were 6 sales overall in November 2009. Below is a graph comparing median prices over the past year. 

For homes that sold in November 2009, the average price per square foot was $781 — far above August’s $674. Below are the percentages of homes in escrow in each of the major price bands:

• 21% of homes priced under $2 million (up from 20% last month);

• 12% of homes between $2 million and $3 million (down 10% from last month);

• 18% of homes between $3 million and $5 million (up from 12% from last month);

• 0% of homes over $5 million (down from 12% from last month).

Tiburon and Belvedere homes that sold in October 2009 exhibited the following characteristics:

• Number of Sales: 6

• Average Days on Market: 102

• Price: $2,959,167

• Square Feet: 3,745

• Price per Square Foot: $781

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. I am a Broker, Certified Residential Specialist (CRS), and Certified Luxury Home Marketing Specialist (CLHMS) with Christie’s Great Estates | Morgan Lane International Realtors. It is always my pleasure to be of service.

p.s. I know of several properties that are not being formally marketed on the MLS, so if you are looking to buy please call me to see if any of these may meet your needs. If you would like a copy of my Tiburon / Belvedere Hotlist, e-mail me at [email protected].

Mill Valley CA. Real Estate Market Report (December 2009 Home Sales Update)

[Click HERE for the entire article, courtesy of www.MillValley101.com]

The number of home sales in the Mill Valley, California real estate market rose 20% in November 2009 — that is a total of 24 listings sold. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.1 months (significantly lower than last month) — this is called the absorption rate. This is a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley is a very low 75, typical for this time of year. Meanwhile, asking prices have seemed to stiffen over the past quarter. The graph below tracks asking prices; the average price per square foot for homes currently on the market is rising — approximately $622 per square foot. It remains to be seen whether this rise will translate into higher sales prices.

Whilet the number of homes in escrow is down from last month, that is typical this time of year as buyers and sellers alike are focused on surviving the holiday season. We still think there are many real buyers out there who have been waiting for “a sign” to buy — we don’t know what that sign will be (there are likely to be many “signs”), but we feel it will likely come soon. Numerous newspaper articles have run recently, pointing to the exceptional opportunities out there right now for buyers — indeed, we are starting to hear investors talk about “flipping” homes again!

[Click HERE for the rest of the article, courtesy of www.MillValley101.com]

San Rafael CA Real Estate Market Report (December 2009 Home Sales Update)

[Click HERE for the entire article, courtesy of www.SanRafael101.com]

San Rafael, California real estate sales were brisk in November 2009, with 48 trades, up from 31 in September 2009. The entry level price band (under $600K) remains at hot, with 58% of home now in escrow. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) has also seen a rise in the percentage of homes in escrow — 53%.

It is no secret that our current real estate environment in San Rafael favors buyers, not only because of the state of the market, but also because of superior interest rates, FHA loan availability (allowing purchase loans up to $729,000 with 3.5% down), and a shifting mindset by both buyers (who are ready to pull the trigger) and sellers (who are ready to do what it takes to sell). Meanwhile, housing inventory for single family homes fell to 78 homes (from 135 last month).

As reported this Summer, San Rafael listing prices experienced a brief rise from March to June, but that trend has reversed and resumed its downward trajectory. By comparison, asking prices in Novato have been rising for several months, leading many to believe that the bottom has formed in Novato. It does not appear this transition has fully settled in San Rafael.

[Click HERE for the rest of the article, courtesy of www.SanRafael101.com]

Novato Real Estate Market Update (December 2009 Home Sales Report)

[Click Here for the entire article, courtesy of www.Novato101.com]

The strong Novato, California real estate market continues on its journey into recovery. The average sales price of Novato homes in November 2009 was $620,851. These homes averaged 79 days on market, were about 2,103 sq. ft., and averaged roughly $316 per sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) has dipped to historically low levels — a scant 2.69 months worth of available inventory overall (95 single family homes are currently for sale in Novato) . A quick look at the supply and demand curve over the past 2 years is striking — supply is down by 35% and sales are up 42%. No wonder my Novato colleagues agree that it appears our 3+ year bear market in local real estate is coming to an end.

The broad based appearance of solidity in the marketplace is anchored by the low end of the market, but is also reflected in the higher end and by zip code. The chart below reflects the number of months’ inventory in the $800,000 to $900,000 price band. In this “move-up” price band, there is about 3 months’ supply of homes on the market. Generally speaking, 5-6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market.

[Click Here for the entire article, courtesy of www.Novato101.com]