Tiburon & Belvedere Real Estate Market Report (June 2009 Home Sales Update)
As the housing inventory evolves in Southern Marin’s toniest locales (Belvedere and Tiburon), it is fairly apparent that high end market is on hold 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-six of these properties are priced over $5 million (although just one such home has gone into escrow in the past 2 months). Meanwhile, there is some limited activity in the lower / value price bands. While there were 7 sales in May 2009 (same as April 2009), 3 of these were homes priced under $2 million and the other 4 trades were under $3 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).
There are currently 29 active properties listed for sale under $2 million in Tiburon and Belvedere; 9 more have accepted offers and remain in escrow. As apparent in the chart below, beyond the entry level price band, activity was fairly slow this past month. Resultingly, nearly a dozen ultra-luxury homes were removed from the market. Meanwhile the average price per square foot fell to $700 — although this number is skewed by the makeup of the sales last month, it is very low number that has caused brokers and 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.
|Price Range||Total Active Properties||In Escrow|
|up to $2 million||29||24%|
|$2 million to $3 million
|$3 million to $5 million||27||13%|
|$5 million to $10 million||19||5%|
|$10 million and up||7||0%|
Tiburon and Belvedere real estate that sold last month exhibited the following characteristics:
-Number of Sales: 7
-Average Days on Market: 102
-Price: $2.23 million
-Square Feet: 3,237
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. 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.