Marin County, California, Luxury Homes Report (April 2008–Sales and Inventory Analysis)

Marin County’s $2 million to $4 million luxury home market experienced its annual March swelling of inventory–with 115 active listings compared to 89 homes last month. This rise in inventory was accompanied by a moderate month of sales, with 14 homes sold (up from 10 homes sold last month). Mill Valley accounted for 3 sales, followed by Belvedere with 2 sales. Tiburon, Corte Madera, Larkspur, Kentfield, Ross, and San Rafael, each had one sale. The average days on market for homes that sold was about 60 days, the average sales price was just over $2.6 million (roughly $773/per sq. ft.), and average sized home was 3,631 square feet.

Marin County’s ultra-luxury market (homes priced in the $4 million and up range) remained fairly stable in terms of listing numbers–it was up slightly to 41 active listings (there were 39 last month). Tiburon, as usual, boasts the largest number of such homes with 15. It is followed by Belvedere with 8, Kentfield with 6, and Mill Valley with 4. Just 2 homes in this price band sold last month in Marin–both in Tiburon. However, another 4 are currently in escrow. Because only 2 homes sold last month the average days on market, price, square footage, and price per square foot are of little assistance in gauging the market. But, for those who are curious, the homes that sold averaged about 5,124 square feet, sold for an average price of $4.575 million (approximately $921/sq. ft.), and were on the market an average of 12 days. Also of note, Marin’s most expensive home got more expensive. This unique Tiburon estate, sitting on eight acres with stunning views and resplendent gardens, was bestowed with a new price of $49,995,000, up from $38.5 million. 

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 (beach homes are not included here). Call Kyle Frazier, 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].