Tiburon & Belvedere CA Real Estate Market Report (July 2009 Home Sales Update)

Consistent with last month, the Tiburon and Belvedere real estate markets remain in a state of semi-slumber pending further clarity regarding the equities and housing markets. There are currently 110 active listings in the 94920 zip code, which covers Belvedere and Tiburon. Twenty-three of these properties are priced over $5 million with just one such home going into escrow in the past 3 months). Meanwhile, there is some limited activity in the lower price bands, including 2 sales in the $2 million to $3 million range. In June 2009, we had 10 sales compared with 7 sales in May 2009 (same as April 2009). Six of last month’s sales were properties priced under $2 million.

One interesting observation based on the below graph: not until March of this year did the median asking price for homes in Belvedere dip below that of 2008. Belvedere was the last Marin city to experience that shift (a full 6 months after Tiburon). Over the past several months however, that shift has become more exaggerated as prices begin reflecting market realities. Indeed, there are currently 5 homes for sale in Tiburon under $1 million and another home in Belvedere. Rarely do we see Belvedere homes hit the market under $1 million.