Marin Luxury Housing Market Bounces Back in March, Coldwell Banker Residential Brokerage Reports
Luxury home prices and sales in the Bay Area's high-end market of Marin County both increased in March, a new study shows.
San Francisco, CA, April 24, 2009 --(PR.com)-- Median price and sales of million-dollar homes jump last month
The Marin County luxury housing market showed some very positive signs in March, with both home sales and median prices of million-dollar homes bouncing back from February lows, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of real estate services.
The median price of a luxury home in the county jumped to $1.8 million last month, up 46 percent from the February median of $1.2 million and up 31 percent from the $1.4 million median price of a year ago. In addition, a total of 25 homes sold for more than $1 million in Marin County in March, up from just 12 in February. However, sales were still off from the March 2008 level of 50 units.
“While we’re not out of the woods yet when it comes to the nation’s economy or the housing market, we are beginning to see some very encouraging signs in the local real estate market, including upper end,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “We’ve been seeing more serious buyers at open homes, more offers being written on properties, and for the first time in quite a while, sales are moving higher.”
Turley said it appears that buyers are becoming more confident that the housing market is beginning to bottom out, and they are feeling more positive about the overall direction of the economy, including real estate. He added that the recent rebound in the stock market has also been encouraging to home buyers, especially in the higher end market.
“I think people are finally realizing that this is a unique window of opportunity when mortgage rates are at historic lows and home prices are lower than they have been in many, many years,” he said. “That combination has created some outstanding values for buyers. It’s prompting a lot of people to get off the fence and jump into the market before prices and interest rates start heading higher again as they inevitably do.”
As with the luxury end of the market, the overall housing market in the Bay Area has recently been showing some signs of life. Dataquick, the La Jolla-based real estate information services company, reported that the number of all homes sold in the Bay Area rose for the seventh month in a row in March, while the past year's steep drop in the median price slowed significantly, “indicating that the market might be near its price bottom,” the firm said in a news release.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Marin County in March was a six-bedroom, eight-bath, 7,475-square-foot home in Tiburon that sold for $9 million;
Mill Valley boasted the most million-dollar sales in March with six, followed by Tiburon with four;
It took an average of 141 days to sell a million-dollar home in the county, up from just 65 days a year ago;
Homes sold for an average of 83 percent of their asking price, down from 95 percent a year ago;
The Marin County Luxury Home Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.
Coldwell Banker Residential Brokerage serves Marin County with seven offices: 83 Beach Road in Belvedere; 350 Bon Air Ct., Suite 100, in Greenbrae; 500 Sir Francis Drake Blvd. in Greenbrae; 36 Tiburon Blvd. in Mill Valley; 1202 Grant Avenue, Novato; 711 Grand Ave. in San Rafael; and 1 Harbor Drive, Suite 110, in Sausalito. For more information, please call 925-275-3085.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, the largest residential real estate brokerage in Northern California, serves the markets of Sacramento/Tahoe, San Francisco/Peninsula, San Francisco Bay Area, and Silicon Valley/Monterey Bay. The company has 61 office locations and more than 3,690 sales associates throughout Northern California. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 830 offices and 50,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085.
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The Marin County luxury housing market showed some very positive signs in March, with both home sales and median prices of million-dollar homes bouncing back from February lows, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of real estate services.
The median price of a luxury home in the county jumped to $1.8 million last month, up 46 percent from the February median of $1.2 million and up 31 percent from the $1.4 million median price of a year ago. In addition, a total of 25 homes sold for more than $1 million in Marin County in March, up from just 12 in February. However, sales were still off from the March 2008 level of 50 units.
“While we’re not out of the woods yet when it comes to the nation’s economy or the housing market, we are beginning to see some very encouraging signs in the local real estate market, including upper end,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “We’ve been seeing more serious buyers at open homes, more offers being written on properties, and for the first time in quite a while, sales are moving higher.”
Turley said it appears that buyers are becoming more confident that the housing market is beginning to bottom out, and they are feeling more positive about the overall direction of the economy, including real estate. He added that the recent rebound in the stock market has also been encouraging to home buyers, especially in the higher end market.
“I think people are finally realizing that this is a unique window of opportunity when mortgage rates are at historic lows and home prices are lower than they have been in many, many years,” he said. “That combination has created some outstanding values for buyers. It’s prompting a lot of people to get off the fence and jump into the market before prices and interest rates start heading higher again as they inevitably do.”
As with the luxury end of the market, the overall housing market in the Bay Area has recently been showing some signs of life. Dataquick, the La Jolla-based real estate information services company, reported that the number of all homes sold in the Bay Area rose for the seventh month in a row in March, while the past year's steep drop in the median price slowed significantly, “indicating that the market might be near its price bottom,” the firm said in a news release.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Marin County in March was a six-bedroom, eight-bath, 7,475-square-foot home in Tiburon that sold for $9 million;
Mill Valley boasted the most million-dollar sales in March with six, followed by Tiburon with four;
It took an average of 141 days to sell a million-dollar home in the county, up from just 65 days a year ago;
Homes sold for an average of 83 percent of their asking price, down from 95 percent a year ago;
The Marin County Luxury Home Report is a monthly report by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.
Coldwell Banker Residential Brokerage serves Marin County with seven offices: 83 Beach Road in Belvedere; 350 Bon Air Ct., Suite 100, in Greenbrae; 500 Sir Francis Drake Blvd. in Greenbrae; 36 Tiburon Blvd. in Mill Valley; 1202 Grant Avenue, Novato; 711 Grand Ave. in San Rafael; and 1 Harbor Drive, Suite 110, in Sausalito. For more information, please call 925-275-3085.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, the largest residential real estate brokerage in Northern California, serves the markets of Sacramento/Tahoe, San Francisco/Peninsula, San Francisco Bay Area, and Silicon Valley/Monterey Bay. The company has 61 office locations and more than 3,690 sales associates throughout Northern California. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 830 offices and 50,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085.
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Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
Stephen Maita
510.739.0620
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