Marin Luxury Home Sales Edge Up in February, Coldwell Banker Residential Brokerage Reports

Sales rise over January levels, but dip from year ago

Luxury home sales in Marin County moved higher in February from the previous month, but declined slightly from last year, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 29 homes sold for more than $1 million in Marin County last month, up from just 18 sales in January. At the same time, the median sale price of million-dollar properties dipped 2.8 percent from the previous month to $1.38 million. But sellers did receive a higher percentage of their asking price at 93.1 percent vs. 90.9 percent in January.

Although luxury sales moved higher month to month, they were shy of last February’s level of 33 closed transactions. Additionally, the median sale price year over year dropped 11 percent to $1.38 million.

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

“In general, there has been more buyer interest and activity since the beginning of the year in many markets, including Marin,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “High-end Buyers are still cautious and want to make sure they’re getting the best value they can, but many are starting to move back into the market. We’ll see how this all shakes out in the weeks and month ahead.”

Turley noted that comparisons with last year are difficult because the first-time homebuyer tax credit was still being offered through the spring of 2010. Although the million-dollar market wasn’t directly affected by the incentive, the tax credit did encourage more transactions in general and led to more move-up buyers in the upper end.

While he’s encouraged by the uptick in sales this year, Turley cautioned that economic and global issues could pose headwinds to the housing recovery.  The slowly growing U.S. economy, coupled with concerns about the Middle East unrest and the earthquake and tsunami disasters in Japan, may make buyers a bit more cautious in the short-term.

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

  • The most expensive sale in Marin County in February was a six-bedroom, seven-bath 5,535-square foot home in Kentfield that sold for $$6,215,000;
  • San Rafael boasted the most million-dollar sales with five, followed by Mill Valley and Sausalito with four apiece;
  • It took an average of 205 days to sell a million-dollar home in the county, up from 154 days a year ago and 110 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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