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. 

Real Estate Market Chart by Altos Research www.altosresearch.com
There are currently 33 active properties listed for sale under $2 million in Tiburon and Belvedere — 6 additional homes are in escrow. For homes that sold in June 2009, the average price per square foot was $714 — although this number is skewed by the makeup of the sales last month, it is very low number that has caused sellers a high level of concern. Below is a chart with up to date figures relating to the number of homes on the market in Tiburon and Belvedere, along with the number of homes currently in escrow. Note in the chart below, beyond the entry level price band, activity was slow this past month. Numerous additional ultra-luxury homes were removed from the market — typical for this time of year, but perhaps also influenced by the low price per square foot number noted above.  
Price Range Total Active Properties In Escrow
up to $2 million 33 15%
$2 million to $3 million
29 17%
$3 million to $5 million 26 7%
$5 million to $10 million 16 6%
$10 million and up 6 0%
Tiburon and Belvedere real estate that sold last month exhibited the following characteristics:
-Number of Sales: 10
-Average Days on Market: 71
-Price: $1.942 million
-Square Feet: 2,704 
-Price per Square Foot: $714
If you have any other questions or would like a custom market analysis of your home’s current likely sales price, please call me at (415) 350-9440. My name is Kyle Frazier and I am a Certified Residential Specialist (CRS) and Broker Associate with Marin Counties finest real estate firm Morgan Lane Marin Real Estate. It is always my pleasure to be of service. 
p.s. I know of several properties that are not being formally marketed on the MLS, so if you are looking to buy please call me to see if any of these may meet your needs.