Marin County Real Estate Update–January 2008 (Homes For Sale & Price Ranges)
As with every year, January brings with it lower residential real estate inventory levels in Marin County, California. There are 445 active listings (down 136 from December 2007). Indeed, this time of year is historically slow for home sales as families recuperate from the holiday season and brace themselves for the colder and wetter weather that comes this time of year.
However, this year many anticipate that the number of homes coming on the market in January and February will be much higher than years past as those who tried to sell last year, but failed, renew their efforts and try to beat the competition to market. And buyers are ready. The bubble sitters have been flooding the phone lines asking about properties and seeking advice. I anticipate a busy first quarter in Marin real estate (even Donald Trump is stating that it is time to buy) as interest rates continue trending into historical low territory. Buyers continue 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 January 1, 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
|
Town/City
|
Homes for Sale
(Active Listings)
|
Price Range
|
|
Sausalito
|
9 ? down 4
|
$849,000-$4.995 million
|
|
Belvedere
|
15 ? down 1
|
$2.599 million-$11.5 million
|
|
Tiburon
|
27 ? down 13
|
$799,000-$38.5 million
|
|
Mill Valley
|
34 ? down 13
|
$575,000-$10 million
|
|
Larkspur
|
4 ? down 9
|
$519,000-$1.399 million
|
|
Corte Madera
|
8 ? down 4
|
$799,000-$3.995 million
|
|
Greenbrae
|
7 ? unchanged
|
$1,050,000-$2.595 million
|
|
Kentfield
|
11 ? down 4
|
$875,000-$10.995 million
|
|
Ross
|
7 ? down 7
|
$1.795-$22 million
|
|
San Anselmo
|
19 ? down 6
|
$629,000-$2.995 million
|
|
San Rafael
|
88 ? down 32
|
$395,000-$4.9 million
|
|
Novato
|
166 ? down 31
|
$430,000-$2.995 million
|
Some observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you?ll need $2.599 million at the entry level (click HERE to see this 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 31 homes priced under $600,000 (including 10 homes at or under $500,000). Novato’s 166 active listings is by far the most in Marin County. Even San Rafael in Central Marin has 17 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). As is often the case, when the stock market begins to free fall, real estate prices begin to climb.
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.