Marin County Real Estate Update–March 2008 (Homes For Sale & Price Ranges)
Real estate inventory levels in Marin County, California, as expected are on the rise in the new year. There are 641 active listings (up from 519 in February 2008). We are entering the Spring selling season and buyers are ready. The percentage of homes in escrow is up substantially in many markets. Buyers have been exploring open houses in droves (virtually all open houses held for my listings over the past two weeks have seen at least one dozen groups of people). I anticipate a continued remainder of the first quarter in Marin real estate as interest rates continue in historically low territory. Once the new conforming loan programs are in place, it is anticipated that there will be a rush of buyers moving quickly to grab the homes of their choice (it seems some are waiting to take advantage of the new conforming loan limits). Meanwhile, 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, in March 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
|
16 — up 1
|
$749,000-$3.995 million
|
|
Belvedere
|
18 — up 2
|
$2.298 million-$12.5 million
|
|
Tiburon
|
33 — up 5
|
$1.2 million-$38.5 million
|
|
Mill Valley
|
72 — up 22
|
$725,000-$10.25 million
|
|
Larkspur
|
12 – up 2
|
$399,900-$2.5 million
|
|
Corte Madera
|
14 — up 1
|
$819,999-$2.4 million
|
|
Greenbrae
|
7 — down 4
|
$850,000-$2.595 million
|
|
Kentfield
|
18 — up 3
|
$875,000-$15.95 million
|
|
Ross
|
2 — up 2
|
$749,000-$22 million
|
|
San Anselmo
|
37 — up 17
|
$499,000-$3.45 million
|
|
San Rafael
|
126 — up 20
|
$499,000-$6.95 million
|
|
Novato
|
203 — up 27
|
$398,000-$3.499 million
|
Some observations: Buying a home in tony Belvedere, as always, is an expensive proposition–you’ll need about $2.4 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 18 homes priced under $500,000 (and another 31 homes at or under $600,000). Novato’s 203 active listings is by far the most in Marin County (yet, almost 25% of Novato homes are in escrow). Even San Rafael in Central Marin has 9 homes priced under $700,000 (4 of these are under $600,000). As noted last month, investors are beginning to ask about certain homes and condos (condo prices have come down by 40% in some cases). All signs point to a healthy end to Q1 2008.
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.