Marin County, California, Luxury Homes Report (March 2010–Sales and Inventory Analysis)

Marin County, California’s luxury home market continues to recover from the wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc., along with “value” properties with undeniable upside. In the $2 million to $4 million price band, sales are up 300% over last year and inventory is down 25% — this combination of factors looks promising for continued improvement. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

$2 Million to $4 Million Luxury Homes

The $2 million to $4 million price band  remains volatile with prices down 17% over the past 2 years. Despite this obvious and well-noted trend, many sellers have not adjusted their asking prices to reflect market realities. As noted in my columns over the past two years, a seller’s refusal to price correctly at the outset of the listing period is the single greatest mistake possible. Often, listing agents are willing accomplices however because they will “say anything” to obtain the listing. However, bottom line costs to sellers is very significant. I have developed a chart that show exactly just how bad it gets over time when Marin County sellers and their agents) overprice their homes — please call or e-mail me for a copy.

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

Marin County, CA. Real Estate Update — March 2010 (Homes For Sale & Price Ranges)

The Marin County, California real estate market continues evidencing traction. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is down 26% and sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 75% from February 2009.   

Much of the apparent strength evident today stems from the red-hot entry level housing market. As would be expected, with less inventory and more sales, the number of month’s worth of inventory is down below 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).

 

 

As we approach the traditional selling season, inventory is on the rise. The below chart includes only the 13 cities along the Highway 101 corridor (excluding Western Marin inventory and condos).

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

 

Tiburon & Belvedere CA Real Estate Market Report (March 2010 Home Sales Update)

After a strong run of 6 months with $5 million and up sales, Tiburon and Belvedere had none in January or February 2010. There are currently 63 active listings in the 94920 zip code, which covers Tiburon and Belvedere, CA. Yet, while January resulted in just 3 sales, February resulted in 10 sales. Most of these were in the entry level — homes priced under $2million.

For homes that sold in February 2010, the average price per square foot was $677 — a significant rise from January 2010’s low of $611. Below are the percentages of homes in escrow in each of the major price bands:

Mill Valley CA. Real Estate Market Report (March 2010 Home Sales Update)

The number of home sales in the Mill Valley, California real estate market held exactly even in February – 16 trades (February usually has lower sales totals because it is a short month with two legal holidays and bcause January tends to have weather which limits buyer activity). Based on last month’s total sales, we currently have an overall inventory of homes sufficient to last 5.1 months (absorption rate). This number is higher than last month because of the large number of homes that came on the market very recently. As discussed below, however, our touchstone price band is performing very well. 

Insofar as the sales and apsorption rate of Mill Valley’s touchstone price band ($1 million to $ 2million) are concerned, the market appears to be striding towards normalcy. As indicated above, compared with the past 2 years’ February totals, sales are up 50% over 2008 and double that of 2009. Meanwhile, the chart below shows a market with a serious increase in sales velocity — there is barely 3 months’ inventory for homes priced in the touchstone price band.

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

Kyle Frazier | Pacific Union International | Morgan Lane | Christie’s Great Estates | Marin Platinum Goup

San Rafael CA Real Estate Market Report (March 2010 Home Sales Update)

San Rafael, California real estate sales held steady in February 2010, with 24 trades. The entry level price band (under $600K) remains active, with 48% of homes now in escrow. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) has continued to improve — approximately 47% of these homes in escrow. The inventory for single family homes for sale sits at 115 homes (we had 79 active listings in December 2009). It is expected that this Spring will see a large number of homes hitting the market as sellers who have stayed out of the market for the past 2 years will feel more confident in the real estate market this year.

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

Kyle Frazier | Christie’s Great Estates | Morgan Lane Marin | Pacific Union International | (415) 350-9440

 

Novato Real Estate Market Update (March 2010 Home Sales Report)

The Novato, California real estate market continues to show significant strength across all price bands, except for homes priced above $1.5 million. February 2010 resulted in 24 sales. While down from December 2009’s 42 sales, this is an impressive number because of the short month, two holidays, and weather challenges presented in January and early February (after all, if people cannot go out and look at homes, they are not likely to buy one). The average sales price of Novato homes in February 2010 catapulted upwards by over 20% from January 2010 to $630,938. These homes averaged 147 days on market, were about 2,291 sq. ft., and averaged roughly $293 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) bumped upwards slightly as a large number of homes have entered the market over the past two weeks (although we are still hovering at historically low levels for this time of year) — 4.79 months worth of available inventory overall (115 single family homes are currently for sale in Novato). Below are the percentages of homes in escrow in each of Novato’s major price bands:

• 74% of homes priced under $500,000 (67% last month);
• 55% of homes between $501,000 and $600,000 (66% last month);
• 39% of homes between $601,000 and $750,000 (42% last month);
• 28% of homes between $751,000 and $1 million (33% last month);
• 23% of homes between $1 million and $1.5 million (24% last month);
• 0% of homes between $1.5 million and up.

Amazingly, out of 38 homes on the market under $500,000, only 10 are not in escrow (and several of these hit the market less than a week ago) — this is simply amazing!

• 14 homes were priced under $600,000;
• 8 homes priced from $601,00 to $1 million; and
• 2 homes priced from $1 million and up.

Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My listing at 94 Maybeck Street, Novato (South Gate at Hamilton Field) sold for 88.7% of list price in 10 days. If you would like me to run the exact numbers for your Novato neighborhood or if you have any questions about Novato’s many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.

The 3 Model Homes being built at The Landing at Hamilton Field (I am the exclusive marketing agent for this project), located adjacent to South Gate, are expected to be completed in June 2010. We expect that the first homes will be ready for occupancy in July or August 2010. Pricing will begin in the mid-$800,000’s. Interest surrounding this new luxury community has been significant. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com