Luxury home sales and the median sale price in Marin County bounced back in May with both indicators climbing from the previous month, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 60 homes sold for more than $1 million in Marin County last month, up from 49 sales in April. The median sale price for a million-dollar property also rose to $1,612,500, up 5.7 percent from April’s $1,525,000 median price.
While the market moved higher from the previous month, sales were slightly lower than May 2010’s level of 62 transactions. The median sale price was also down from the $1,737,500 level in May 2010.
Other metrics showed month-over-month improvement for the Marin market: The number of multi-million-dollar sales edged higher for the second straight month to 19 properties from 17 in April. And homes sold faster with the average days on market falling to 96 days from 114 the previous month.
The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.
“The luxury market, like the overall market in Marin, continues to show signs of improvement,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “But there likely will continue to be some choppiness from month to month as the market works to gain traction. That’s not surprising given the gradual pace of the overall economic recovery.”
Turley said comparisons with a year ago are difficult because the market last May was still benefitting from the federal tax credit, which has since expired. Although the credit wasn’t aimed at the upper priced homes, the tax break indirectly helped fuel sales for move-up buyers who sold their entry-level and mid-priced homes.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was an eight-bedroom, eight-bath 8,000-square foot home in Ross that sold for $8.75 million;
- Mill Valley boasted the most million-dollar sales with 10, followed by Tiburon, Kentfield, Larkspur and Sausalito with seven apiece, and San Rafael with six;
- Sellers received on average 95 percent of their asking price, down from 96 percent the previous month but the same percentage as a year ago;
- Homes closing last month stayed on the market an average of 96 days, down from 114 days the previous month but up from 89 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.