Luxury home sales and the median sale price in Marin County rose again last month from year ago levels, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
The figures are based on Multiple Listing Service data of all homes sold for more than $1 million last month in Marin County.
A total of 68 homes sold for more than $1 million in November, up from 55 the same month a year ago, a 23 percent increase. The median sale price of a luxury home closing last month was up 12.7 percent from a year ago to reach $1.55 million.
On a monthly basis, sales did edge slightly lower in November from October’s level of 72 transactions. But the median sale price rose nearly 8 percent from October.
Most other key indicators for the luxury market also improved last month from the same period a year ago. There were 21 sales over $2 million, more than double the 10 multi-million sales last November. Homes also sold at a faster rate on average and sellers received a higher percentage of their asking price.
“The market continues to see solid year-over-year gains in the luxury market here in Marin County,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “While there has been some slowdown from October, that seasonal decline is not unusual and often happens as the winter months approach.”
Turley said that sales remained particularly strong given the limited inventory of homes for sale on the market.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was a five bedroom, five-bath approximately 6,300-square-foot home in Kentfield that sold for $5.9 million;
- Mill Valley again boasted the most million-dollar sales with 16, followed by Tiburon with 12, and Kentfield, Larkspur and San Rafael with six each;
- Homes sold in an average of 95.2 days compared to 111 days a year ago and 88.5 days the previous month;
- Sellers received an average of 97 percent of their asking price, up from 96 percent a year ago but down from 98 percent the previous month.
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.