Coldwell Banker Residential Brokerage issued a report today showing that Marin County’s luxury home sales surged in July to their highest level in four years. The report was based on Multiple Listing Service data of all homes sold for more than $1 million last month in Marin County.
A total of 83 homes sold for more than $1 million last month, up from just 54 in July 2011, a 53.7 percent increase. Sales were also up nearly 4 percent from June. The upper end of the luxury market saw 19 sales over $2 million, up from just 11 a year ago but down from 25 in June.
July marked the most luxury home sales record in Marin County since 96 million-dollar properties changed hands in July 2008, months before the height of the financial crisis and recession took its toll on the housing market.
“The upper end of Marin’s housing market continues to gain momentum,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The demand for premium properties remains extremely strong in Marin, as it does in San Francisco, the Peninsula and Silicon Valley.”
While sales marched higher last month, the median sale price of luxury homes declined slightly to $1.49 million, down 2 percent from the previous month and 2.5 percent from a year ago.
Turley said the biggest challenge for the luxury market – like the rest of the Bay Area housing market – is the lack of inventory of homes for sale.
“Listings are down as much as 50 percent from where the market was last year,” he said. “Until more properties come on the market, it will be hard for sales to keep climbing at such a fast pace. The demand is there – the market just needs more homes.”
- The most expensive sale in Marin County last month was a six-bedroom, nine-bath 8,864-square-foot home in Kentfield that sold for $8.4 million;
- Mill Valley boasted the most luxury sales with 18, followed by Tiburon with 11, San Anselmo with 10, and Belvedere, Novato and San Rafael with seven apiece;
- Homes sold in an average of 85 days compared to 84 days a year ago and 73 days the previous month;
- Sellers on average received 98.6 percent of their asking price, the same as the prior month and up from 96.2 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, Coldwell Banker 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.