Luxury home sales and prices in Marin County surged higher in March from both the previous month and year ago levels as the high-end market continued its strong turnaround in the new year, according Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 62 homes sold for more than $1 million in Marin County last month, up 55 percent from a year ago and more than double the 29 sales in February. While homes sales typically rise from February to March, last month’s sharp gain was much higher than normal.
March’s sales total was the most of any month since last June. By comparison, the 62 luxury homes that changed hands last month was more than five times the 12 properties that sold in February 2009, right before the stock market bottomed out.
The median sale price for a million-dollar property also spiked last month to $1,580,000, up 20 percent from the $1,317,500 level a year ago and up 14.5 percent from the median price in February of $1,380,000.
Other metrics also indicated that the luxury market is gaining momentum. A total of 18 multi-million-dollar homes ($2 million and up) sold in March, more than double the number from February and up sharply from 10 sales last March. Homes sold on average in 106 days of being listed, down from 205 days in February but up slightly from 101 days a year ago.
The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.
“The high-end housing market really has been strengthening here in Marin County and other parts of the Bay as this year progresses,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “More affluent buyers are coming off the sidelines and into the market as they see some very good investment opportunities.”
Turley said the luxury market is often the first to recover from a housing downturn because well-healed buyers have the means to invest quickly when they see a turnaround forming, sometimes with all cash.
“The so-called smart money has been moving back into the luxury market over the past year or so, and it will be interesting to see if that leads the way for a solid recovery in the rest of the housing market,” he said.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was a four-bedroom, five-bath 5,176-square foot home in Kentfield that sold for $5,725,000;
- Mill Valley boasted the most million-dollar sales with 17, followed by Tiburon with nine, San Rafael and Kentfield with seven each, and Belvedere with six;
- Sellers received on average 94.7 percent of their asking price, up from 93.11 percent the previous month but down from 95.24 percent 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.