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

kylefrazierMarin Market Updates

As inventory collects in Southern Marin’s toniest locales (Belvedere and Tiburon), we are starting to see and hear about more offers being submitted. Certainly, sellers frustrated by the lack of activity have in some cases taken what they could get. Most recognize that our new economy, post-Equity Market Meltdown, has shifted the pricing and value expectations of buyers. While I perceive a high level of pent up buyer demand, buyers seem to be willing to wait things out. Much of this behavior is based on expectations of further price declines weighed against likely increased interest rates in the near to mid-term future. Most buyers I talk to recognize that the time to act, if not here yet, is close. Indeed, when buyers see value, they act. In fact, Morgan Lane Marin has 16 closings coming up in the next 10 days (TIburon and Belvedere).

Typical for this time of year, we have lots of new listings. There are currently 120 active listings in the 94920 zip code which covers Belvedere and Tiburon, including 29 homes priced over $5 million (although no homes in this price range are in escrow). Meanwhile, there is some limited activity in the lower / value price bands. While there were 7 sales in April 2009, 4 of these were homes priced under $2 million and another 2 sales 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).
 
Real Estate Market Chart by Altos Research www.altosresearch.com
 
As discussed last month, many of the homes taken off the market during November and December 2008 been re-listed with adjusted prices (35 homes were withdrawn or expired in the final 2 months of 2008). Indeed, in light of the startling numbers relating to Days on Market and final sales price, sellers are well advised to price their homes aggressively (if you would like a chart depicting list price to sales price ratios based on the number of days on the market so far this year, please contact me by calling (415) 350-9440). See below for a comparison of sales statistics against May 2006.
 
There are currently 32 active properties listed for sale under $2 million in Tiburon and Belvedere — six more are in escrow. 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 32 16%
$2 million to $3 million
 		 32 14%
$3 million to $5 million 27 7%
$5 million to $10 million 31 0%
$10 million and up 8 0%
Tiburon and Belvedere real estate that sold last month exhibited the following characteristics (compared with 2006, in parentheticals): 
-Number of Sales: 7 (2006=12)
-Average Days on Market: 123 (2006=53)
-Price: $2.21 million (2006=$3.1 million)
-Square Feet: 2,855 (2006=3388) 
-Price per Square Foot: $758 (2006=$910)
 
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.