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

Inventory levels in Marin County’s $2 million to $4 million luxury home market surged this past month–with 68 active listings compared to 46 homes last month. This boost in inventory was accompanied by a strong month of sales, with 15 homes sold. Tiburon led the pack with 3 sales, followed by Sausalito, Mill Valley, and Ross with 2 sales apiece. Belvedere, Larkspur, Greenbrae, San Anselmo, and San Rafael each had just one sale. The average days on market for homes that sold was about 117 days and the average sales price was just over $2.53 million (roughly $748/per sq. ft.).

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 35 active listings, compared with 26 last month. Tiburon, as usual, boasts the largest number of such homes with 14 (up from 9 last month). It is followed by Belvedere with 6, and Kentfield, Mill Valley, and Ross with 4. Only 2 of these home sold last month. There are, however, another 3 ultra-luxury homes 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. The 2 homes that did sell were very different–one was a horse property in Upper Lucas Valley and the other was a View home in Tiburon. Marin’s most expensive home remains 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].