Marin Luxury Home Sales Decline in January, But Median Sale Price Up, New Report Shows

Luxury home sales in Marin County declined in January from year-ago levels, but the median sale price of high-end homes rose more than 11 percent from last year, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 18 homes sold for more than $1 million in Marin County last month, down from 29 sales a year ago and 43 in December. At the same time, the median sale price of million-dollar properties climbed to $1,420,000, up 11.5 percent from the January 2010 median. The median price was down from December’s $1,580,000.

While sales declined, other key market indicators improved in January. Million-dollar homes sold in an average of 110 days, down from 161 days a year ago and 140 days the previous month. Sellers also received 91 percent of their asking price on average, up from 86 percent in January 2010.

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

“We saw a rush to close sales before the end of the year, which resulted in much of the drop-off in January,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “But there seems to be renewed interest among buyers in recent weeks to get back into the market, which could result in closed sales in the coming months.”

Turley said many of his Marin offices are hearing from buyers who have been sitting on the fence and are now deciding to begin looking for a home in earnest. “I think consumers are feeling more confident every day that the economy is picking up and the job market is improving,” he said. “That translates into greater confidence in real estate investments.”

Turley added that buyers of high-end homes are also greatly influenced by the financial markets, and with the stock market having seen significant gains over the past year, many investors have the capital to move ahead with larger real estate purchases.

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

  • The most expensive sale in Marin County in January was a four-bedroom, three-bath 2,696-square foot home in Tiburon that sold for $3.7 million;
  • Mill Valley boasted the most million-dollar sales with eight, followed by San Rafael with three, and Tiburon, San Anselmo and Belvedere with two each;
  • It took an average of 110 days to sell a million-dollar home in the county, down from 161 days a year ago and 140 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.

 

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