Pacific Union International | Marin Luxury Homes Report (July 2010)

As reported in June 2010, “real buyers” continue purchasing “done” homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, and knolltop properties. Marin County’s luxury home real estate market reflects increased sales velocity driven by buyer optimism. In the $2 million to $4 million price band, June 2010 sales eclipsed last year’s total, inventory is down from last year, and the number of homes with accepted offers (in escrow) is high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. I also believe that the imminent resolution of the tragic oil spill in The Gulf of Mexico will help improve public optimism, which has been suppressed by this calamity.

$2 Million to $4 Million Luxury Homes

True to last month’s prediction, trades were again up significantly in this luxury segment (with 20 sales, Marin County more than doubled last year’s total for the month and equaled May’s numbers) — another 24 homes currently in escrow (more than last month). Pending sales is a good leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic and housing environments are improving and pricing in the marketplace increasingly suggests “value.” Inventory remains relatively low at just 159 homes actively on the market (up by 22 from last month).

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

Pacific Union Marin (July 2010 Real Estate)

 

Pacific Union Tiburon & Belvedere CA Real Estate Market Report (July 2010 Home Sales Update)

In June 2010, Tiburon and Belvedere experienced 13 home sales. Importantly, as evidenced by the chart below, several indicators point to an improving market — the median price of homes for sale is up 3% and the median price of homes sold is up 18%. 

Of course, keep in mind that last year (our basis for comparison) was the slowest in memory. Nonetheless, I think it is fair to say that the majority of real estate practitioners would agree that the field has tilted back to neutral position in most price bands. Moreover, the absorption rate of our listings is down over 42%. 

Below are the percentages of homes in escrow in each of the major price bands:

Pacific Union Real Estate Mill Valley CA. Real Estate Report (July 2010 Home Sales Update)

The number of homes sold in the Mill Valley, California real estate market rose and Mill Valley’s touchstone price band ($1 million to $2 million) posted another solid month. In contrast to the previous three years, buyers now speak confidently about our market, recognizing that prices have tumbled significantly, interest rates are extraordinary, jobs numbers have improved, and media coverage concerning real estate has turned positive. Moreover, we are seeing an improved marketplace in San Francisco which is the bellweather for Mill Valley and Marin.

The number of homes for sale in Mill Valley is down incrementally to 143. After the brief slow period in the Summer we can expect increasing inventory after Labor Day. Mill Valley’s entry level price bands (under $1,000,000) are as strong as we have seen them over the past couple of years. Moreover, bread and butter homes of $1.5 mil. and up remain strong and that market segment exhibits undeniable leading indicators of a strengthening market. The chart below tracks prices of “for sale” and “sold” homes at or above $1.5 million compared with last year. Indeed, asking prices are down 6% and sales prices are up 17%. This trend is not evident in every price band.

[Click HERE for the rest of the report courtesy of MV101.com.]

Pacific Union San Rafael CA Real Estate Market Report (July 2010 Home Sales Update)

 San Rafael, California real estate sales remained strong in June 2010. We had 45 trades (compared to 41 in May). The entry level price band (under $600K) remains hot — 37 of these homes are currently in escrow. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) remains tepid with 25% of homes in escrow. The inventory for single family homes for sale increased slightly this month to 198 homes. Increased supply is typical this time of year as many of the overpriced homes from early in the year remain on the market and new listings are added.

Of the 45 homes sold in June 2010, the average:

• days on market was 73 days
• sales price was $746,088
• home size was 1,909 square feet
• $394 per sq. ft.

Homes in Gerstle Park, Lucas Valley and The Dominican generated the most calls and showings this past month. If you would like me to run the exact numbers for your San Rafael neighborhood or if you have any questions about our 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 | Pacific Union International. It is always my pleasure to be of service.

Pacific Union Novato Real Estate Market Update (July 2010 Home Sales Report)

The Novato, California real estate market continues its torrid year with 49 sales in June — up from 38 sales in May 2010. The average sales price of Novato homes in June 2010 was $644,778. These homes averaged 98 days on market, were about 2,162 sq. ft., and averaged roughly $306 sq. ft.

Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady, particularly in the entry level and move-up price bands. This is good news for buyers and sellers alike. Moreover, historically low interest rates and added sales are giving buyers adequate impetus to make their move.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

• 47% of homes priced under $500,000;
• 34% of homes between $501,000 and $600,000;
• 36% of homes between $601,000 and $750,000;
• 33% of homes between $751,000 and $1 million;
• 18% of homes between $1 million and $1.5 million;
• 13% of homes between $1.5 million and up.

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