Pacific Union International | Marin Luxury Homes Report (July 2010)
As reported in June 2010, “real buyers” continue purchasing “done” homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, and knolltop properties. Marin County’s luxury home real estate market reflects increased sales velocity driven by buyer optimism. In the $2 million to $4 million price band, June 2010 sales eclipsed last year’s total, inventory is down from last year, and the number of homes with accepted offers (in escrow) is high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. I also believe that the imminent resolution of the tragic oil spill in The Gulf of Mexico will help improve public optimism, which has been suppressed by this calamity.
$2 Million to $4 Million Luxury Homes
True to last month’s prediction, trades were again up significantly in this luxury segment (with 20 sales, Marin County more than doubled last year’s total for the month and equaled May’s numbers) — another 24 homes currently in escrow (more than last month). Pending sales is a good leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic and housing environments are improving and pricing in the marketplace increasingly suggests “value.” Inventory remains relatively low at just 159 homes actively on the market (up by 22 from last month).
Cities recording June 2010 sales in this price band included: Belvedere (2), Tiburon (4), Mill Valley (5), Sausalito (1), Corte Madera (1), San Anselmo (1), and Kentfield (3). These homes averaged 93 days on market. Their average sales price was just over $2.7 million (roughly $831 per square foot), with an average of 3,537square feet. The absorption rate for Marin homes in this price band has fallen dramatically and is down to approximately 4 months.
$4 Million & Up Ultra-Luxury Homes
The low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) remains even — we have 69 homes for buyers to choose from. There were 2 homes to sell in this ultra-luxury price band in June 2010; both in Belvedere. They averaged $4.29 million, 145 days on market, 4,196 square feet and just over $1002 per square foot. There are four additional homes in this price band in escrow. I look forward to coming months as this important segment of the Marin real estate market continues to improve. Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently offered on the MLS, but available for sale. Please contact me regarding your specific desires.
By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Pacific Union International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.
Pacific Union International is the leading broker for Marin County luxury homes.