Marin Luxury Home Sales and Prices Up Again in July, Coldwell Banker Residential Brokerage Reports

Sales climb 22% to 55 homes, median sale price rises 5.7% from July 2009

Million-dollar home sales and the median sale price in Marin County rose again in July over last year, although sales were off from June’s two-year high level, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 55 homes sold for more than $1 million in July, up more than 22% percent from July 2009 when 45 properties changed hands.  It was the ninth straight monthly year-over-year sales improvement for the high-end market.

The median sale price of million-dollar homes also rose last month to $1.6 million, up 5.7 percent from last year and 12.3 percent from June’s $1.425 million median price. The only down note last month was that sales were off from June, when 78 homes sold. The drop was anticipated following the expiration of the federal tax credit deadline.

Two other gauges offered encouragement: It took an average of 81 days to sell a million-dollar home in Marin County in July, down from 96 days a year ago and 91 days the previous month; and sellers received nearly 97 percent of their asking price on average, up from 89 percent in July 2009 and 96 percent in June 2010.

The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.

“Overall, the numbers we saw last month offered encouraging signs that the high-end housing market in Marin County has not only stabilized but is returning to a more normal market,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “We still have challenges ahead from the economy and the job market, but the housing market appears to be getting healthier.”

Turley said it was expected that sales would dip from June to July with the expiration of the federal tax credit. Many buyers accelerated transactions that otherwise might have closed later in the summer. He added that the year-over-year comparison offered a more accurate reflection of how the market is faring.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in Marin County in July was a four-bedroom, seven-bath 7,449-square foot home in Tiburon that sold for $6.9 million;
  • Mill Valley boasted the most million-dollar sales with 17, followed by Tiburon with seven, Kentfield and San Rafael with six apiece, and Greenbrae with five;
  • It took an average of 81 days to sell a million-dollar home in the county, down from 91 days the previous month and about 96 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.

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