Marin County, California, Luxury Homes Report–July 2008 (Sales and Inventory Analysis)
The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California dipped slightly this month with 121 active listings, compared to 127 homes in June 2008. This reduction in inventory was accompanied by another solid month of sales–26 homes sold (one more than in May 2008). As noted last month, and this bears repeating, while the number of homes sold in the non-luxury market this year compared to last year is down by about 25%-30% (depending on where you look), the luxury market has NOT experienced a similar decline. This is great news for owners of luxury homes in Marin!
Mill Valley and Kentfield led the way with the most luxury home sales (each with 5 homes sold). Belvedere, Larkspur, and San Rafael had 3 sales each. Ross, San Anselmo, and Sausalito had 1 sale. The average days on market for homes that sold was a mere 59 days (8 days less than last month) and the average sales price was just under $2.5 million (roughly $772/per sq. ft.), with an average of 3,353 square feet.
Marin Cities & Towns |
$2 Million — $4 Million |
$4 Million & Up |
||
Active |
Pending |
Active |
Pending |
|
Sausalito |
7 |
0 |
2 |
0 |
Belvedere |
8 |
2 |
12 |
1 |
Tiburon |
25 |
6 |
19 |
1 |
Mill Valley |
21 |
7 |
3 |
0 |
Larkspur |
4 |
3 |
0 |
0 |
Corte Madera |
0 |
1 |
0 |
0 |
Kentfield |
6 |
2 |
2 |
0 |
Greenbrae |
1 |
0 |
0 |
0 |
Ross |
3 |
2 |
5 |
0 |
San Anselmo |
19 |
1 |
0 |
0 |
San Rafael |
16 |
0 |
3 |
0 |
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, 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].