Marin Luxury Properties Report Pacific Union – Christie’s International Real Estate | Marin County, CA Luxury Home Sales (May 2012)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (May 2012) — Luxury home sales in Marin County, CA. have maintained a respectable pace in 2012 (in May 2012, Marin County saw 8 sales over $2 million). It remains clear that buyers will act quickly, even in the luxury home realm when they feel a particular home reflects clear value and/or possesses unique and desirable characteristics. Pricing in the marketplace (especially for homes that started off overpriced) remains on the soft side and “value” is evident in virtually every locale and every price segment of the luxury home market in Marin. Sellers who are realistic and motivated are finding buyers — indeed, the average days on market for sold homes in May for homes between $2 million and $4 million was 27 days.

The inventory of luxury homes remains moderately constricted with just 136 properties actively listed over $2 million in Marin. This inventory level is lower than years. Many sellers are holding back due to pricing depreciation which has been substantial in many markets (e.g., such that homes that priced at $2.25 million in 2006 are now priced below $2 million). We find most sellers are waiting for prices to recover rather than trade in today’s market (although the timeline for pricing recovery seems very murky to me).

Marin County cities recording luxury home sales between $2 million and $4 million in May 2012 included: Mill Valley (2); Larkspur (1); Greenbrae (1); Ross (1); and San Anselmo (2). These homes averaged just 27 days on market. Their average sales price was $2.56 million (roughly $846 per square foot), with an average of 3,683 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) experienced one trade in May 2011 — a $5 million Ross estate.

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), I have access to a database with several dozen luxury homes not currently on the MLS, but discretely offered for sale off-market. Please contact me regarding your specific desires. In addition, if you are looking for an agent to aggressively and intelligently market your home, please call me. I am a Certified Luxury Home Marketing Specialist.

By: Kyle Frazier, J.D. & Broker, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Realtor with Pacific Union | Christie’s International Real Estate. Call Kyle Frazier at 415/350-9440 for more luxury home market information in Marin County, California (the San Francisco Bay Area’s “North Bay”).