Prices of Marin County Luxury Homes Rise in July, Coldwell Banker Residential Brokerage Reports
Median sale price of million-dollar homes in Marin County up for third month in a row, new survey shows.
Mill Valley, CA, August 30, 2009 --(PR.com)-- Marin County’s luxury home market continued to show improvement last month as the median sale price of million-dollar properties increased for the third straight month, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
The $1.51 million median sale price was up 4 percent from June’s level and 5.8 percent from the $1.43 million median sale price in July 2008. However, the number of luxury sales declined for the first time in six months. A total of 45 sales over $1 million were recorded in July, down from 62 in June and about half of the 96 properties sold a year ago.
“Although we still have a ways to go, it’s encouraging to see that sale prices in Marin County are starting to edge higher,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The entry level segment of the housing market has been gaining momentum for some time, and we’re hopeful that the upper end will soon see steady improvement as well.”
Turley added that the current market represents an outstanding opportunity for move-up buyers who may be outgrowing their existing home. Although they may not be able to get as much for their property as they could have at the peak a year or two ago, larger and more expensive homes have also seen proportionate price declines that could translate into bigger savings for buyers.
“If your current home has declined 15 percent from its peak of $700,000, for instance, then you may net about $100,000 less when it comes time to sell,” he said. “But at the same time, it’s a good bet that the higher-priced home you’re considering has also dropped by 15 percent – if not more. So a home that was $1 million at its peak, for instance, may be on sale for $850,000 or $150,000 less, putting you ahead of the game when you trade up. The math can actually work in your favor.”
Gradual improvement in Marin County’s luxury market echoes the Bay Area’s overall housing market. DataQuick, the La Jolla-based research firm, announced earlier this month that sales in the Bay Area in July jumped to their highest level in four years, “as deals above $500,000 continue to accelerate,” the firm said in a statement. The median price paid for a home in the Bay Area also increased month-to-month for the fourth month in a row.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Marin County in July was an six-bedroom, seven-bath, 7,200-square-foot home in Kentfield that sold for $9.8 million;
Tiburon boasted the most million-dollar sales in July with nine, followed by San Anselmo and Mill Valley with six each;
It took an average of 96 days to sell a million-dollar home in the county, up from 90 days last month and just 66 days a year ago;
Homes sold for an average of 89 percent of their asking price compared to 92 percent last month and 94 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 is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 61 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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 $1.51 million median sale price was up 4 percent from June’s level and 5.8 percent from the $1.43 million median sale price in July 2008. However, the number of luxury sales declined for the first time in six months. A total of 45 sales over $1 million were recorded in July, down from 62 in June and about half of the 96 properties sold a year ago.
“Although we still have a ways to go, it’s encouraging to see that sale prices in Marin County are starting to edge higher,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The entry level segment of the housing market has been gaining momentum for some time, and we’re hopeful that the upper end will soon see steady improvement as well.”
Turley added that the current market represents an outstanding opportunity for move-up buyers who may be outgrowing their existing home. Although they may not be able to get as much for their property as they could have at the peak a year or two ago, larger and more expensive homes have also seen proportionate price declines that could translate into bigger savings for buyers.
“If your current home has declined 15 percent from its peak of $700,000, for instance, then you may net about $100,000 less when it comes time to sell,” he said. “But at the same time, it’s a good bet that the higher-priced home you’re considering has also dropped by 15 percent – if not more. So a home that was $1 million at its peak, for instance, may be on sale for $850,000 or $150,000 less, putting you ahead of the game when you trade up. The math can actually work in your favor.”
Gradual improvement in Marin County’s luxury market echoes the Bay Area’s overall housing market. DataQuick, the La Jolla-based research firm, announced earlier this month that sales in the Bay Area in July jumped to their highest level in four years, “as deals above $500,000 continue to accelerate,” the firm said in a statement. The median price paid for a home in the Bay Area also increased month-to-month for the fourth month in a row.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Marin County in July was an six-bedroom, seven-bath, 7,200-square-foot home in Kentfield that sold for $9.8 million;
Tiburon boasted the most million-dollar sales in July with nine, followed by San Anselmo and Mill Valley with six each;
It took an average of 96 days to sell a million-dollar home in the county, up from 90 days last month and just 66 days a year ago;
Homes sold for an average of 89 percent of their asking price compared to 92 percent last month and 94 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 is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 61 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 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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