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

As expected, the number of Marin County luxury homes for sale in November 2007 is down. At this time of year, many sellers (especially those still living in their homes) take their homes off the market to reassess their situations in light of the upcoming holiday and rainy seasons. Many of these homes will come back on the market in the new year with new agents, lower prices, and improvements of varying degrees.

In the $2 million to $4 million range, the number of active listings is significantly lower. Inventory shrunk by 21 homes–for a total of 108 homes active on the market. Sixteen homes sold in this price range last month (up by 4 from September 2007). Mill Valley, with its temperate weather, good schools, and easy commute to San Francisco via the Golden Gate Bridge, accounted for the most sales, with 5. Tiburon, Sausalito, Kentfield, and San Rafael each had 2 sales. Overall, the luxury segment in Marin County surged: the average days on market for homes that sold was 54 days (down by 50 days from the previous month), the average sales price about $2.84 million (roughly $951/per sq. ft.), and these homes averaged about 3,000 square feet. Price, 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 35 active homes on the market. Tiburon, as usual, boasts the largest number of such homes with 14. It is followed by Belvedere with 7, and Ross and Kentfield with 4 each. Four of these homes sold last month (there were 6 sales in September). Yet, as a sign of strength, another 8 of these ultra-luxury homes are currently in escrow (3 in Tiburon, 2 in Belvedere, 1 in Kentfield, 1 in San Rafael, and 1 in Sausalito). Homes in this category averaged about 130 days on the market, sold for about $5.83 million, and had well over 5,000 sq. ft. of living space. Currently, 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.

Above is a graph identifying 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. Also, the 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].