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

kylefrazierMarin Market Updates

The past few weeks have been glorious on the Tiburon Peninsula and Marin County. My 4 year old daughter Scarlett and I went for a walk with our dog along the rail trail (a former railroad line that is now a bike path skirting the bay) from Blackie’s Pasture last Wednesday and it must have been 75 degrees. The sun was warm and the water azure. Even Carmen (our black lab, if you are curious) seemed content to stroll in a leisurely fashion, enjoying the afternoon. Afterwards we went over to the ice cream shop downtown, took our cones to the grassy area by the ferry terminal and ate. Actually, I tripped, dropped my ice cream, and Carmen eagerly cleaned up the mess. Nevermind that just 2 homes sold in January 2009, this was a perfect day. 
Real Estate Market Chart by Altos Research www.altosresearch.com
 
Indeed, while this time of year is generally slow in the luxury market of Tiburon and Belvedere, economic considerations are impacting the desire and ability of many folks who would otherwise be inclined to make a purchase. It will be interesting to watch the year unfold. It is likely that many of the homes that were taken off the market during November and December 2008 will re-emerge with adjusted prices (35 homes were withdrawn or expired in the last 2 months of 2008).
 
As mentioned in my Mill Valley report, price adjusted returning inventory along with the new inventory are likely to propel the market in coming months. I note also that the only 2 homes priced under $1 million in Tiburon and/or Belvedere are currently in escrow–those kinds of deals don’t last very long.
 
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. 

Tiburon | Belvedere

Prices, Total Homes, Percentage in Escrow
Price Range Total Homes In Escrow
to $2 million 26 12%
$2 – $3 million 23 9%
$3 – $5 million 22 14%
$5 – $10 million 14 7%
$10 million & up 5 0

While there were just 2 sales last month, they averaged 101 days on market, 2,768 square feet (about $870 sq./ft), and sold for an average price of $2.275 million. Increasingly, my analyses points to price sensitivity and an underlying general reluctance on the part of buyers. At the same time, most sellers in Tiburon and Belvedere do not fall into the "have to sell" category, and thus are patiently sticking to their prices hoping the real estate market turns for the positive.

If you have any questions, would like a detailed and professional market evaluation of your home, need neighborhood information, or simply a referral to a reliable local service provider, call Kyle at (415) 350-9440 or e-mail [email protected]. I am a local realtor, broker associate with the most respected firm in Marin, and a certified residential specialist (CRS). It is always a pleasure to be of service.