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

kylefrazierMarin Market Updates

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California rose over the past to 109, compared to 106 homes in August 2008. The slight rise in inventory coincided with a respectable month of sales with 16 homes sold in August 2008 (down by 4 from July).  

 

Mill Valley and Ross experienced the most luxury home sales (with 4 of these homes selling in each). Belvedere, Tiburon and Corte Madera each had 2 homes sold and Kentfield and Sausalito had 1 sale each. The average days on market for homes that sold was a mere 95 days (25 days more than in July) and the average sales price was $2.927 million (roughly $875/per sq. ft.), with an average of 3,503 square feet. Belvedere and Tiburon seem to be hot as they each have 6 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 40 active listings, compared with 44 last month (and 54 in July 2008). Tiburon, as always, leads the pack in this price band with 19 homes for sale. Ever-tony Belvedere follows with 9 listings. Other cities / towns with homes in this price band include Kentfield, Sausalito, Mill Valley, Ross, San Anselmo, and San Rafael. We had 4 sales last month (same as in July 2008). Two ultra-luxury homes are currently in escrow (both happen to be in Belvedere). The homes that sold last month averaged 112 days on the market, sold for an average of about $5 million ($980/sq. ft.), and were 5,412 square feet. 

 

 

Marin Cities & Towns

$2 Million — $4 Million

$4 Million & Up

Active

Pending

Active

Pending

Sausalito

8

0

2

0

Belvedere

4

6

9

2

Tiburon

29

6

19

0

Mill Valley

18

4

2

1

Larkspur

2

0

0

0

Corte Madera

0

0

0

0

Kentfield

9

1

1

0

Greenbrae

1

0

0

0

Ross

8

1

6

0

San Anselmo

14

0

1

0

San Rafael

15

0

3

0

Novato

6

0

0

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 with any questions about a particular neighborhood or your situation. You can also e-mail Kyle at [email protected].