Marin County, California’s luxury home market continues to recover from the proverbial wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc. Indeed, “value” properties are gobbled up quickly. Despite this apparent thirst for luxury digs, inventory levels remain 40% higher than two years ago. This trend is not unique to Marin, but prevails nationwide. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

The below chart reflects the number of homes in the $2 million to $4 million luxury price band which are in escrow (compared against the past 2 years). Note that the number of homes with accepted offers (not closed sales), is up 50% from 2 years ago and 450% from last year. This is a promising trend.

Another statistic that may not be readily apparent to casual observers is the fact that prices in the $2 million to $4 million price band are stabilizing as median sales prices countywide are down just 6% over the past 2 years. Of course, the impact of the downturn varies greatly by neighborhood and even within neighborhoods based on amenities.

[Click here for the rest of the article, courtesy of ImagineMarin.com.]

The Marin County, California real estate market, which entered the new year with momentum, seems to have achieved traction. While year over year prices are down in many price segments and locations within Marin, some areas have actually seen prices increase (albeit nominally). Indeed, countywide supply and demand figures suggest an improving real estate environment as supply is down 24% and sales are up 29%, compared with last year (the numbers are for homes with at least 3 beds, 2 baths, 1,500 square feet, and priced under $1 million). 

Much of the apparent strength evident today stems from the red-hot Novato market. Yet, further evidence of a strengthening market exists in the more traditionally (if not perenially) fashionable Mill Valley. Recent weeks have seen several homes in Mill Valley’s bread-and-butter price range of $1.25 million to $1.75 million sell with multiple offers and very attractive terms from a seller’s standpoint. We are hopeful that this renewed vigor sets in. 

Below is a snapshot of the current real estate market in Marin. Contact me for a detailed executive summary providing statistics and trends relating to the Marin real estate market (or any specific zip code). It is always my pleasure to be of service.

Not surprisingly, inventory dropped again over the past month to 462 single family homes for sale (I suspect we will be back up to ~650 by the end of March). The below chart includes only the 13 cities along the Highway 101 corridor (excluding Western Marin inventory and condos).

By: Kyle Frazier, Broker Associate, Certified Residential Specialist (CRS), Certified Luxury Home Marketing Specialist (CLHMS), Realtor

The number of home sales in the Mill Valley, California real estate market slipped to 16 listings sold, compared with 27 in December 2009. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.7 months (note that several homes came on the market very recently). This is a big reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley remains very low at 63. Meanwhile, asking prices have held steady over the past quarter and stand now at about $605 per square foot.

The above graph tracks sales prices vs. listing prices over the past 2 years in Mill Valley for homes under $2 million. While the median sales price is down 19%, the median asking price is down just 3%. Meanwhile, for homes over $2 million, the median asking price has dipped 11%, while median sales prices have dipped about 30%. We still believe that there are many “real buyers” out there who have been waiting for “a sign” to buy.

[Click here for the rest of the article, courtesy of www.MillValley101.com]

After a strong run of 6 months with $5 million and up sales, Tiburon and Belvedere had none in January 2010. There are currently 65 listings in the 94920 zip code, which covers Tiburon and Belvedere, CA. It was quite a slow month, with just 3 sales. While the sales totals remain similar to that of late 2007 (well before the financial crisis of September 2008), inventory is up 43%. The slow market reminds some of 2009’s beginning. While January tends to be slow, we will have to wait and see how the increased inventory and lack of "real buyers" (e.g., those who actually buy homes) impacts the market in coming months. My suspician is that this Spring will see a lot of good inventory hit the market as sellers who have held off trying to sell over the past 2 years will take thier shot this year. Now, more than ever, careful consideration must be given to pricing, staging, and marketing to maximize the likelihood of a positive result. Below is a graph comparing median prices over the past year.

For homes that sold in January 2010, the average price per square foot was $611 — a number drifting down below August’s $674 nadir. Below are the percentages of homes in escrow in each of the major price bands:

• 23% of homes priced under $2 million (up 21% from last month);
• 19% of homes between $2 million and $3 million (up 1% from last month);
• 16% of homes between $3 million and $5 million (down 4% from last month);
• 6% of homes over $5 million (same as last month).

Tiburon and Belvedere homes that sold in December 2009 exhibited the following characteristics:

• Number of Sales: 3
• Average Days on Market: 232
• Price: $2,593,333
• Square Feet: 4,198
• Price per Square Foot: $611

If you have any other questions or would like a custom market analysis of your home’s current likely sales price, please call me at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Certified Residential Specialist (CRS), and Certified Luxury Home Marketing Specialist (CLHMS) with Christie’s Great Estates | Morgan Lane Marin Realtors. It is always my pleasure to be of service.

San Rafael, California real estate sales slowed in January 2010, with 25 trades, down about 20% from December. The entry level price band (under $600K) remains active, with 59% of homes now in escrow. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) has risen to about 36% of homes in escrow. The inventory for single family homes for sale has risen significantly to 111 homes (we had 79 active listings last month). It is expected that this Spring will see a large number of homes hitting the market as sellers who have stayed out of the market for the past 2 years will feel more confident in the real estate market this year.

Of the 22 homes sold in January 2010:

• days on market was 94 days
• sales price was $871,625
• home size was 2,230 square feet
• $390 per sq. ft. (the average price per square foot has  been trending downwards at an average of about $5 per month for the past few months). 

Homes in Lucas Valley, The Dominican, Terra Linda North, and Peacock Gap generated the most calls and showings this past month. If you would like me to run the exact numbers for your San Rafael neighborhood or if you have any questions about our many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.

• 86% of homes priced under $500,000 (67% last month);
• 59% of homes between $501,000 and $600,000 (66% last month);
• 47% of homes between $601,000 and $750,000 (42% last month);
• 43% of homes between $751,000 and $1 million (33%  last month);
• 25% of homes between $1 million and $1.5 million (24% last month);
• 0% of homes between $1.5 million and up.