November was a strong month for Marin County’s luxury housing market as both sales and the median sale price jumped sharply over October and last November, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 58 homes sold for more than $1 million in Marin County in November, up 13.7 percent from the 51 sales a year ago and up 35 percent from the 43 transactions in October. The median sale price of million-dollar properties also spiked during the month, reaching $1.69 million, up nearly 11 percent and 18.6 percent from the previous year and the previous month, respectively.
Other key market indicators also trended up in November. The higher end of the luxury market saw 18 sales of $2 million or more, up from 10 in October and 15 a year ago. Six of those sales were over $3 million, including the highest-price transaction, a Sausalito home that sold for $6.3 million. Additionally, sellers received nearly 95 percent of their asking price on average, up from 90 percent in November 2009.
The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.
“Marin County’s high-end market enjoyed some very strong activity in the fall, and we saw the results in these outstanding November sales figures,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Luxury buyers see this market as an excellent opportunity to invest in high-end properties that are being listed at very attractive prices. We’re hopeful that buyer interest will cascade down to the rest of the market in the new year.”
Turley said that while the overall housing market continues to face challenges from the slow economic recovery and stubbornly high unemployment levels, the opportunities for buyers are many in this market. “Buyers are enjoying a rare trifecta where interest rates are near historic lows, prices are extremely attractive and available inventory is strong,” he said. “That combination won’t last as the economy starts picking up again, hopefully in the new year.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County in November was a six-bedroom, six-bath 6,321-square foot home in Sausalito for $6.3 million;
- Mill Valley boasted the most million-dollar sales with 16, followed by Tiburon with 10, and San Anselmo and Sausalito with six each;
- It took an average of 136 days to sell a million-dollar home in the county, up from 100 days a year ago and 111 days the previous month.
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.