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

kylefrazierMarin Luxury Home Reports

Nationwide, a chill has fallen on the luxury market as the financial debacle unfolds. Historically, many of the luxury homes and ultra-luxury homes sold in Marin County went to buyers who earned their livings in the financial sector. It appears that those buyers have stepped back from the market for the time being. Meanwhile, the number of such homes has increased, placing pressure on pricing. Indeed, even portfolio buyers have taken a wait and see approach.


Marin County, California’s, luxury home market (e.g., homes for sale between $2 million and $4 million) saw an increase in inventory over the past month to 129, compared to 109 homes in September 2008. This significant rise in inventory coincided with a respectable month of sales with 15 homes sold, compared with 16 in September. Mill Valley again experienced the most luxury home sales (with 6). Belvedere and Tiburon each had 2 sales, while Corte Madera, Sausalito, Kentfield, San Anselmo, and San Rafael had 1 sale each. The average days on market for the homes that sold was 98 days and the average sales price was just over $2.6 million (roughly $957/per sq. ft.), with an average of 3,037 square feet. Belvedere and Tiburon seem to be faring well as former has 5 homes in escrow and the latter has 4 homes in escrow.

 

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) receded a bit. There are 46 active listings, compared with 54 last month. Tiburon, as always, leads the pack in this price band with 16 homes for sale and Belvedere follows with 10 active listings. Other cities / towns with homes in this price band include Kentfield, Sausalito, Mill Valley, Ross, San Anselmo, San Rafael, and Novato. There were 3 sales last month (August 2008 had 4 sales). Reflecting the uncertainty of the times, there are currently no ultra-luxury homes in Marin County in escrow. The homes that sold last month averaged 137 days on the market, sold for an average of about $8 million ($1,506/sq. ft.), and were 5,379 square feet.  

 

 

Marin Cities & Towns

$2 Million — $4 Million

$4 Million & Up

Active

Pending

Active

Pending

Sausalito

9

1

1

0

Belvedere

9

5

10

0

Tiburon

35

4

16

0

Mill Valley

22

2

4

0

Larkspur

5

1

0

0

Corte Madera

0

0

0

0

Kentfield

9

1

3

0

Greenbrae

2

0

0

0

Ross

5

1

7

0

San Anselmo

15

0

1

0

San Rafael

12

3

3

0

Novato

6

1

1

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, Marin Realtor & CRS, Broker Associate, Frank Howard Allen Realtors of Marin, at 415/350-9440 for more luxury home market information. You can also e-mail Kyle at [email protected].