Marin County, California, Luxury Homes Report (June 2008–Sales and Inventory Analysis)
Marin County’s $2 million to $4 million luxury home market saw a slight rise in the number of homes for sale this past month with 127 active listings, compared to 124 homes last month. This mild rise in inventory was accompanied by a strong month of sales–25 homes sold (the same number of luxury homes closed in April 2008). Worth noting here is the fact that although the number of non-luxury homes sold this year compared to last year is down significantly (e.g., about 20%), the luxury market has NOT experienced a similar decline. Great news for owners of luxury homes in Marin.
Mill Valley accounted for the greatest number of luxury home sales with 6. Sausalito, Tiburon, Kentfield, and Ross had 3 sales each, Belvedere and Larkspur had 2, and Corte Madera, Greenbrae, and San Anselmo had a 1 sale each. The average days on market for homes that sold was a mere 67 days and the average sales price was just over $2.8 million (roughly $821/per sq. ft.), with an average of 3,461 square feet.
The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 46 active listings, compared with 44 last month. Tiburon, as usual, boasts the largest number of such homes with 20. It is followed by Belvedere with 10, Kentfield with 6, and Ross with 5 such homes. Last month saw 5 sales (compared with 3 in April 2008) and 6 more are currently in escrow. Ultra-luxury homes that sold last month averaged 143 days on the market, sold for an average of $6.64 million (about $1,127/sq. ft.), and were 5,989 square feet. Tiburon boasts the highest priced, gated, view estate for sale in Marin at $44 million.
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].