Marin County’s luxury home sales reached their highest level in three years in June as the high-end market continued to bounce back from the recessionary downturn, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 80 homes sold for more than $1 million in Marin County last month, up from 60 sales in May and 78 in June 2010. The 80 transactions were the most million-dollar deals in Marin for any month since July 2008, the period leading up to the Lehman Brothers collapse and the subsequent crash of the financial markets.
The median sale price of a million-dollar home in Marin was $1,492,500 in June, up 4.7 percent from last year’s $1,425,000 median but down from the previous month’s level of $1.6 million.
Other metrics continued to show steady improvement for the Marin market: Homes sold at a much faster pace with the average time on the market dropping to 69 days, down from 96 in May and 91 last June. And sellers received an average of 98 percent of their asking price last month, up from 95 percent the previous month and 96 percent 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.
“After a fairly quiet spring, the housing market really is heating up this summer and Marin’s luxury market in particular is gaining momentum,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “The high-end segment normally leads the way for the rest of the market in a housing recovery, so this is encouraging news for the entire market.”
Turley said Coldwell Banker is seeing similar improvement in other luxury markets around the Bay Area, including San Francisco, the Peninsula and Silicon Valley. All of those markets have bounced back from their recessionary lows and in some cases are nearing their pre-recession levels in sales.
Although the high-end markets have done best, Turley noted that many entry-level and mid-level markets around the Bay also showed solid gains last month. Bay Area home sales overall in June rose to their highest level for any month since June 2010, when expiring tax credits gave housing a final boost, according to DataQuick, the La Jolla research firm.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was a six-bedroom, six-bath 4,806-square foot home in Kentfield that sold for $4,023,000;
- Mill Valley boasted the most million-dollar sales with 17, followed by Tiburon, Kentfield, San Anselmo and San Rafael with eight apiece;
- Sellers received on average 98 percent of their asking price, up from 95 percent the previous month and 96 percent a year ago;
- Homes closing last month stayed on the market an average of 69 days, down from 96 days the previous month and 91 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.