Marin County Luxury Home Prices Edge Up

kylefrazierMarin Market Updates, Marin Real Estate News
Prices for high-end luxury homes continue to rise. As reported in San Francisco Chronicle, a recent survey by First Republic Bank shows that prices in the Bay Area edged up by 1.5% in the last 3 quarters of 2006, as compared with the same period in 2005. The average price of homes in First Republic?s survey was $2.92 million. The upward movement of price in that market segment can be attributed to low inventory in the $2 million to $4 million dollar market. The survey also noted, however, that prices slipped by 1.5% from the third quarter of 2006.

In Marin, 28 homes have sold this year in the $2 million-$4 million range with an average sales price of $2.56 million and an average listing period of 98 days. There are 96 luxury homes currently on the market in this price range, 24 of which are in escrow. Finally, 3 homes in Marin have sold so far this year in the over $4 million price range and another 36 remain on the market (including 2 that are currently in escrow).

Marin Cities & Towns

$2 Million — $4 Million

$4 Million & Up

Active

Pending

Active

Pending

Sausalito

8

2

2

0

Belvedere

7

2

6

0

Tiburon

14

6

11

0

Mill Valley

15

4

1

0

Corte Madera

1

0

1

0

Larkspur

0

0

0

0

Greenbrae

0

2

0

0

Kentfield

6

2

3

3

Ross

3

1

6

0

San Anselmo

2

0

0

0

San Rafael

8

2

2

0

Novato

4

1

1

0

As the above graph demonstrates, most of the luxury homes in Marin County are located in Southern Marin (e.g., Sausalito, Belvedere, Tiburon, and Mill Valley). Some interesting points worth noting: all of Kentfield?s $4 million & up homes are in escrow; all of Greenbrae?s $2 million to $4 million homes are in escrow; Marin?s highest priced property currently on the market is in Corte Madera (Bill Graham?s estate); and Tiburon takes the lead with the most homes in Marin?s luxury price segment with 31 total homes on the market or pending.