Marin County, California, Luxury Homes Report (December 2007–Sales and Inventory Analysis)

As expected, Marin County’s $2 million to $4 million luxury market experienced a seasonal reduction of inventory–we now have 76 active listings compared to 108 homes in November 2007. Eighteen homes sold last month (up by 2 from October). Mill Valley, with its temperate weather, good schools, and easy commute to San Francisco via the Golden Gate Bridge, again accounted for the most sales, with 6. Tiburon had 4 sales, Sausalito, Kentfield, and San Rafael each had 2 sales. Rounding things out were Belvedere and San Anselmo with 1 sale each. Overall, the luxury segment in Marin County surged: the average days on market for homes that sold was 74 days, the average sales price about $2.76 million (roughly $813/per sq. ft.), and these homes averaged about 3,585 square feet. More than in years past, pricing, curb-appeal/landscaping, and tasteful staging are of utmost importance.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) remained relatively unchanged with 33 active homes on the market (down by 2 from November 2007). Tiburon, as usual, boasts the largest number of such homes with 13. It is followed by Belvedere with 7, Ross with 5, and Kentfield with 4. With just one sale last month, the ultra-luxury market in Marin faltered (there 6 such sales in September and 4 in November). There are, however, 5 of these ultra-luxury homes currently in escrow (2 in Tiburon, 1 in Belvedere, 1 in San Rafael, and 1 in Sausalito). Homes in this category averaged about 77 days on the market, sold for about $4.55 million, and boasted over 4,150 sq. ft. of living space. Marin’s most expensive home is a unique gated Tiburon estate sitting on eight acres with stunning views and resplendent gardens–asking price: $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 (e.g., towns without a consistent luxury market and 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].