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

kylefrazierMarin Market Updates

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California fell over the past to 106, compared to 122 homes in July 2008. This time of year is the typical slow season as sellers recalculate their positions, buyers are out of the County on vacations, etc., and a number of agents doze off, waiting for things to pick back up in the Autumn. Indeed, the lower inventory was accompanied by a respectable month of sales with 20 homes sold in July 2008. 

Mill Valley led the way with the most luxury home sales (4 of these homes sold). Tiburon and Larkspur followed with 3 homes sold and Kentfield and San Rafael had 2 sales each. Ross, San Anselmo, and Corte Madera had 1 sale each. The average days on market for homes that sold was a mere 70 days (14 days more than in June) and the average sales price was $2.576 million (roughly $907/per sq. ft.), with an average of 3,083 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also fell–we now have just 46 active listings, compared with 54 last month. Tiburon leads the pack in this price band with 19 homes for sale. Ever-competitive Belvedere is hot on its tail with 10 listings. Other cities / towns with homes in this price band include Kentfield, Sausalito, Mill Valley, Ross, and San Rafael. Sales are up a whopping 25%–but don’t get too excited. We had 4 sales last month (compared with 3 in June 2008 and 5 in May 2008). Additionally, 3 of these homes are currently in escrow. Ultra-luxury homes that sold last month averaged a extraordinarily low 64 days on the market (sales in June averaged well over 200 days), sold for an average of $5.45 million (about $1,285/sq. ft.), and were 4,539 square feet. 
 
Last month, I was again compelled to discuss the importance of pricing a home correctly . Indeed, this past month we see that the sold homes in Marin County’s ultra-luxury market segment, averaged just 70 days on the market. Meanwhile, the unsold home inventory has been on the market for an average of 162 days. Indeed, price it right from the outset and you will sell faster, make more money, and live happier. For other recent thoughts on pricing, click HERE.

 

Marin Cities & Towns

$2 Million — $4 Million

$4 Million & Up

Active

Pending

Active

Pending

Sausalito

7

1

2

0

Belvedere

7

4

10

2

Tiburon

26

4

19

0

Mill Valley

16

6

3

0

Larkspur

3

1

0

0

Corte Madera

0

0

0

0

Kentfield

6

1

2

0

Greenbrae

1

0

0

0

Ross

2

3

6

0

San Anselmo

15

1

1

0

San Rafael

16

0

3

1

Novato

6

0

0

0

 

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 (Western Marin coastal homes are not included). Call Kyle Frazier, Marin Realtor & 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].

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