Marin County Real Estate Update–December 2007 (Homes For Sale & Price Ranges)

This Winter the number of homes for sale (active inventory) in Marin County, California continues to drop. There are 581 active listings (down by 99 from last month and 207 from October). December is historically a slower time as sellers pack it in for the Winter and buyers start focusing on the holidays. However, many buyers choose to take the plunge in December because they feel they can get the best deals at this time of year. Indeed, many feel there will be a spike in closed escrows in the New Year as buyers who have been “sitting on the bubble” become more and more convinced that the Marin real estate market has hit its nadir and interest rates continue their downward trend into historical low territory. As noted last month, buyers are offering large down payments and short contingencies to bolster their negotiating leverage with sellers anxious to make a deal.

The graph below breaks down the current number of homes for sale in Marin County, California, as of December 1, 2007, along with the price ranges for each town/city. Also included is a note indicating whether inventory is up or down over the past month:

Marin Single Family Homes For Sale

Homes for Sale
(Active Listings)
Price Range
13 ? down 3
$899,000-$4.995 million
16 ? down 2
$2.6 million-$11.5 million
40 ? down 5
$799,000-$38.5 million
Mill Valley
47 ? down 18
$569,000-$5.995 million
13 ? down 4
$519,000-$2.6 million
Corte Madera
12 ? down 4
$810,000-$2.499 million
7 ? down 2
$1,050,000-$2.595 million
15 ? down 6
$495,000-$10.995 million
14 ? up 3
$769,000-$22 million
San Anselmo
25 ? down 16
$599,500-$3.495 million
San Rafael
120 ? down 12
$399,000-$4.9 million
197 ? down 13
$439,000-$2.995 million

Some observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you?ll need about $2.6 million at the entry level. The highest priced luxury home in Marin, however, is located in Tiburon. An ultra-luxury dream estate on about 8.5 acres, with 12 Bedrooms, 10 full baths, 3 half baths, and show-stopping views of the San Francisco, the Golden Gate Bridge, and the Bay–asking price $38.5 million. In fact, Tiburon boasts several homes in the $10 million and up range.

On the other hand, Novato continues to be a Marin home buyers’ dream. Novato has 32 homes priced under $600,000 (including 8 homes under $500,000) and another 27 priced under $700,000–that’s 67 homes under $700,000 in Novato! Novato’s 210 active listings is by far the most in Marin County (down 29 from last month). Even San Rafael in Central Marin has 23 homes priced under $700,000. Investors are beginning to ask about certain properties and condos (condo prices have come down by 35% in some cases).

If you desire a list of Marin County’s best deals or more specific analysis of your neighborhood, please give me a call at (415) 350-9440.