Marin County’s luxury housing market turned in a stellar month in May as high-end property sales soared 28 percent from the same month a year ago, according to a new report by Coldwell Banker Residential Brokerage.
A total of 77 homes sold for more than $1 million in May, up from just 60 in May 2011 and also up from 71 transactions the prior month, an 8 percent jump. Last month was the highest level since last June.
While sales were spiking, the median sale price for a luxury home was flat at $1.6 million, exactly the same as May 2011 and off fractionally from the $1,630,000 median recorded in April of this year.
The figures were derived from Multiple Listing Service data of all homes that sold for more than $1 million last month in Marin County.
“Marin County is showing all of the signs of a classic seller’s market with strong buyer demand, a severe shortage of home listings to choose from, and multiple offers on many properties,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “With inventory levels remaining near record lows, I suspect we’ll continue to see this scenario play out, at least for the near term.”
In many areas, inventory is down 30-50 percent from just a year ago, leaving the scales of supply and demand tipped in favor of sellers. Multiple offers are becoming the norm in a number of communities and homes are often selling for more than the asking price.
- The most expensive sale in Marin County last month was a six-bedroom, seven-bath 7,000-square-foot home in Ross that sold for $11.5 million;
- Mill Valley boasted the most luxury sales with 15, followed by Tiburon with 10, San Anselmo with eight, Greenbrae with seven and Kentfield with six;
- Homes sold in an average of 100 days compared to 96 days a year ago and 78 days the previous month;
- Sellers on average received 97.6 percent of their asking price compared to 98.4 percent the previous month and 95.1 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.