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

As expected, inventory levels in Marin County’s $2 million to $4 million luxury home market surged again this past month–with 89 active listings compared to 68 homes last month. This boost in inventory was accompanied by a moderate month of sales, with 10 homes sold. Tiburon led the pack with 4 sales, followed by Larkspur, Greenbrae, Kentfield, San Anselmo, and San Rafael, with one sale each. The average days on market for homes that sold was about 89 days, the average sales price was just over $2.786 million (roughly $729/per sq. ft.), and the average sized home was 3,937 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 39 active listings, compared with 35 last month. Tiburon, as usual, boasts the largest number of such homes with 16 (up from 14). It is followed by Belvedere with 8, Kentfield and Ross with 5, and Mill Valley with 4. Three of these home sold last month. There are, however, another 2 ultra-luxury homes currently in escrow. The homes that sold averaged about 8,000 square feet, sold for an average price of $7.333 million (approximately $928/sq. ft.), and were on the market for an average of 126 days. 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].