Marin County Luxury Home Market Continues Improving, Coldwell Banker Residential Brokerage Reports
San Francisco, CA, May 22, 2010 --(PR.com)-- Marin County’s luxury housing market continued to rebound from its recessionary lows with both sales and the median sale price climbing once again in April, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 65 homes sold for more than $1 million in April, up nearly 63 percent from March and 76 percent from April 2009 when the nation’s economy was just beginning to pull out of the long downturn. The median sale price last month reached $1,595,000, up 21 percent over March and nearly 3 percent over the same period a year ago.
Also encouraging, high-end homes continue to sell at a much faster pace. The average Marin million-dollar sale in April occurred after just 90 days on the market, down from 101 days for March sales and nearly 100 for April 2009 sales. And sellers received nearly 97 percent of their asking price, up from 90 percent a year ago and 95 percent the previous month.
The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.
“Sales have been strong in the entry level market in Marin County and throughout the Bay Area for some time, and now it appears that the mid and upper end of the market is rebounding as well,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area.
The mix of homes selling in the county has been steadily changing with fewer foreclosures and distressed property sales and more mid and high-end home sales, helping revive the luxury market. In Southern Marin, 25 percent of the $2 million and above listings were in escrow in April, up from 18 percent a year ago. Ross, Kentfield, Tiburon, Belvedere and Sausalito – all high-end markets – have shown the biggest gains in recent months.
Turley said the April 30 deadline for first-time homebuyer and repeat-buyer federal tax credits may have helped sales last month, even in the million-dollar market. Although the credits primarily benefited entry-level buyers, the chain effect likely spurred more move-up buyers looking to take advantage of lower prices in the million dollar-plus market.
Despite the improvement, Turley warned that there are still hurdles ahead for the local housing market.
“The economic recovery is still quite fragile, unemployment remains high and we’re still battling macro economic issues here in the U.S. and worldwide with the debt crisis in Europe,” he said. “This all affects consumer confidence here at home, which is critical for the financial markets and housing market.”
Nonetheless, Turley said he’s encouraged by the steady improvement in all segments of Marin County’s real estate market.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Marin County in April was a five-bedroom, seven-bath 8,000-square foot home in Tiburon that sold for $7.8 million;
Mill Valley again boasted the most million-dollar sales in April with 17, followed by San Rafael and Tiburon with 10 each, and Kentfield and Larkspur with six apiece;
It took an average of 90 days to sell a million-dollar home in the county, down from 101 days the previous month and 100 days 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.
Coldwell Banker Residential Brokerage serves Marin County with six 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; 1737 Grant Avenue, Novato; 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 58 office locations and more than 3,300 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 760 offices and 46,000 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. DRE # 00313415.
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A total of 65 homes sold for more than $1 million in April, up nearly 63 percent from March and 76 percent from April 2009 when the nation’s economy was just beginning to pull out of the long downturn. The median sale price last month reached $1,595,000, up 21 percent over March and nearly 3 percent over the same period a year ago.
Also encouraging, high-end homes continue to sell at a much faster pace. The average Marin million-dollar sale in April occurred after just 90 days on the market, down from 101 days for March sales and nearly 100 for April 2009 sales. And sellers received nearly 97 percent of their asking price, up from 90 percent a year ago and 95 percent the previous month.
The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.
“Sales have been strong in the entry level market in Marin County and throughout the Bay Area for some time, and now it appears that the mid and upper end of the market is rebounding as well,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area.
The mix of homes selling in the county has been steadily changing with fewer foreclosures and distressed property sales and more mid and high-end home sales, helping revive the luxury market. In Southern Marin, 25 percent of the $2 million and above listings were in escrow in April, up from 18 percent a year ago. Ross, Kentfield, Tiburon, Belvedere and Sausalito – all high-end markets – have shown the biggest gains in recent months.
Turley said the April 30 deadline for first-time homebuyer and repeat-buyer federal tax credits may have helped sales last month, even in the million-dollar market. Although the credits primarily benefited entry-level buyers, the chain effect likely spurred more move-up buyers looking to take advantage of lower prices in the million dollar-plus market.
Despite the improvement, Turley warned that there are still hurdles ahead for the local housing market.
“The economic recovery is still quite fragile, unemployment remains high and we’re still battling macro economic issues here in the U.S. and worldwide with the debt crisis in Europe,” he said. “This all affects consumer confidence here at home, which is critical for the financial markets and housing market.”
Nonetheless, Turley said he’s encouraged by the steady improvement in all segments of Marin County’s real estate market.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in Marin County in April was a five-bedroom, seven-bath 8,000-square foot home in Tiburon that sold for $7.8 million;
Mill Valley again boasted the most million-dollar sales in April with 17, followed by San Rafael and Tiburon with 10 each, and Kentfield and Larkspur with six apiece;
It took an average of 90 days to sell a million-dollar home in the county, down from 101 days the previous month and 100 days 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.
Coldwell Banker Residential Brokerage serves Marin County with six 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; 1737 Grant Avenue, Novato; 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 58 office locations and more than 3,300 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 760 offices and 46,000 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. DRE # 00313415.
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Coldwell Banker Residential Brokerage
Stephen Maita
510.739.0620
Stephen Maita
510.739.0620
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