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

Overall, the number of active Marin County luxury homes for sale dipped slightly in September 2007. In the $2 million to $4 million range, the number of active listings is significantly lower. Inventory was reduced by 16 homes–for a total of 129 homes active on the market–and 12 homes sold in this price range last month (down by 6 from August). Tiburon again accounted for the most homes sold in this price range with 4 sales. While we may not know the magnitude of the scope and duration of fallout relating to the sub-prime mortgage financing meltdown experienced in August, these numbers are down, which would be expected as consumer confidence took major a hit. But, historical data indicates that sales generally ease as we enter into the Fall selling season. And we can expect to see the number of homes on the market continue to drop for the remainder of the year as those who were unable to sell their homes over the past year take a break for the holidays, retrench, and look forward to the new year.

As noted above, Tiburon led the pack in sales last month with 4. Mill Valley, a monthly contender for this distinction, with its temperate weather, good schools, and easy commute to San Francisco via the Golden Gate Bridge, experienced just 2 sales last month. Kentfield and San Rafael also had 2 sales. Delightful and desirable Belvedere had just 1 sale. Overall, the luxury home market in Marin County was sluggish: the average days on market was 103 days (down by 7 days from the previous month), the average sales price about $3.062 million (roughly $818/per sq. ft.), and these homes averaged about 3,200 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 static with 39 active homes on the market–same as last month. Tiburon, as usual, boasts the largest number of such homes with 15. It is followed by Belvedere with 10, Ross with 5, and Kentfield with 4. Six of these homes sold last month (there 5 such sales in August) and Tiburon accounted for 3 of them. Another 4 of these ultra-luxury homes are currently in escrow (1 in Belvedere, 1 in Kentfield, 1 in San Rafael, and 1 in Sausalito). Homes in this category averaged about 138 days on the market (down by 60 days), sold for about $5.25 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, California 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].