Marin County Real Estate Update–February 2008 (Homes For Sale & Price Ranges)

Real estate inventory levels in Marin County, California, are on the rise in the new year. There are 519 active listings (up from 445 in January 2008). This time of year historically sees an up-tick in listings as sellers who want to get a jump on the market, put their homes for sale. This year, many Marin County agents anticipate that the number of homes coming on the market early in the year will be much higher than years past as those who tried to sell last year, but failed, renew their efforts (in addition to those who are trying for the first time). And buyers are ready.

The percentage of homes in escrow is up substantially in many markets. Buyer have been out at open houses in droves (about 50 groups of people came through an open house held on one of my listings in Belvedere last weekend). I continue to anticipate a busy first quarter in Marin real estate (as noted here last month, figureheads such as Donald Trump are stating that now is the time to buy) as interest rates continue trending into historical low territory, prices are scraping the bottom, and talks relating to raising the conforming loan limits continue. Indeed, 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, in February 2008, 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

Some observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you?ll need $2.599 million to live on the Lagoon (click HERE to see a delightful Lagoon home). 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 10 homes priced under $500,000 (and another 31 homes at or under $600,000). Novato’s 177 active listings is by far the most in Marin County. Even San Rafael in Central Marin has 5 homes priced under $700,000. Investors are beginning to ask about certain properties and condos (condo prices have come down by 40% in some cases). All signs point to a healthy market in Marin County in coming months.

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.