Marin County’s $2 million to $4 million luxury home market saw a slight rise in the number of homes for sale this past month with 124 active listings, compared to 115 homes last month. This mild rise in inventory was accompanied by a strong month of sales–25 homes sold (just 15 sales closed in March 2008). Worth noting here is the fact that although the number of non-luxury homes sold this year compared to last year is down significantly (e.g., about 20%), the luxury market has NOT experienced a similar decline–in April 2007, there were 26 sales. Great news for owners of luxury homes in Marin.

Tiburon, Mill Valley, and San Anselmo each registered 5 sales in the $2 million to $4 million range, followed by Sausalito, Belvedere, and Kentfield with 2 sales apiece. Larkspur, Greenbrae, and Corte Madera each had one sale. The average days on market for homes that sold was a mere 48 days and the average sales price was just over $2.786 million (roughly $820/per sq. ft.), with an average of 3,530 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 44 active listings, compared with 35 in April 2008. Tiburon, as usual, boasts the largest number of such homes with 15. It is followed by Belvedere with 9. Kentfield and Ross each claim 5 such homes. Last month saw 3 sales (2 in Kentfield and 1 in Belvedere) and 7 more are currently in escrow. And again, these sales numbers are above last year’s totals (there was just one home sale in this price range in April of 2007). Ultra-luxury homes that sold last month averaged 252 days on the market, sold for an average of $6.241 million (about $1,270/sq. ft.), and were 5,147 square feet.   

The above graph identifies the numbers of active listings and homes in contract in the Marin County luxury and ultra-luxury home market segments. Note that all homes in contract are included in the category “Pending” even though some are technically “Contingent” properties (e.g., the buyers have not removed all contingencies). This information is limited to Marin County’s Highway 101 corridor towns and cities that consistently maintain a monthly inventory of luxury and ultra-luxury homes (Western Marin coastal homes are not included). Call Kyle Frazier, CRS, Broker Associate, Frank Howard Allen Realtors of Marin, at 415/350-9440 with any questions about a particular neighborhood or your situation. You can also e-mail Kyle at Kyle@NorthBayRE.com.

What do you get when you put together the following ingredients?  (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay and Mt. Tam, (3) excellent schools, (4) pleasant weather, (4) a mellow, laid back ambiance, (5) a town square unlike any other in Marin (you have to go to the town of Sonoma for anything like it), (6) diverse social events (think Mill Valley Film Festival), (7) lots of good restaurants, (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds, and (9) virtually unlimited access to nature. You get a hot real estate market!

Mill Valley’s sales numbers over the past month are amazing. To the extent that the media has painted a dire and depressing portrait of the the real estate landscape, you can dismiss that characterization as far as Mill Valley is concerned. The above reasons, along with a host of others, provide ample justification for the fact that Mill Valley is THE place people thinking of moving out of San Francisco generally start with when they decide to buy a home in Marin County.

Bucking the trend through most of Marin, inventory is down in Mill Valley this month. Meanwhile, the percentage of homes in escrow has risen in all price bands except to $2 million to $4 million range. Incredibly, 29% to 33% of homes are in escrow under $2 million. I noted last month that Agents were exhibiting ”a sense of purpose” and the numbers certainly reflect that. Mill Valley’s inventory of single family homes for sale is down to 104 homes (there were 116 in April 2008). Homes that sold during the past month averaged a mere 39 days on the market and sold for an average price of about $1.813 million (about $696 per square foot), and averaged about 2,248 square feet.  

Homes in Sycamore Park, Sunnyside, and Cascade Canyon continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at Kyle@NorthBayRE.com.