MILL VALLEY, Calif. – Marin County’s millón-dollar-plus housing market continued to recover in November with sales and the median sale price edging higher, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 51 homes sold for more than $1 million in Marin County last month, up from 49 in October and 34 last November. At the same time, the median sale price of a million-dollar property reached $1.395 million, up 4.7 percent from October’s median but down 3.7 percent from the same period a year ago, when the median price stood at $1.45 million.
Other measurements indicate a stabilizing or even improving market in Marin County. It took 100 days to sell a million-dollar home, down more than a week from October’s level and four days from last November. Sellers received an average of more than 90 percent of their asking price, about the same as October.
“November saw more stabilization and a gradual strengthening of the high-end market in Marin County,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area. “The increase in sales over last year was significant, perhaps a sign that buyers are growing more confident and are ready to take advantage of some good prices in the luxury market.”
Turley said there’s “a greater sense of urgency” among buyers in the marketplace, especially in the more desirable areas. “The combination of low interest rates, a limited inventory of homes in the upper end, and an improving economy and stock market are combining to get more buyers to get off the fence,” he said. “I think people are starting to realize that this truly is an advantageous market for buyers, and this situation won’t last forever.”
Improvement in Marin County’s luxury market mirrors the Bay Area’s overall housing market. DataQuick, the La Jolla-based research firm, announced earlier this month that the median sale price in the region last month topped the year-ago level for the second consecutive month and sales were also up 19 percent year over year. Marin County’s overall home sales were up a whopping 52 percent last month, due primarily to bargain hunters snapping up bank-owned homes and other distressed property.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County in November was a four-bedroom, six-bath 5,230-square-foot home in Belvedere that sold for $6.25 million;
- Mill Valley boasted the most million-dollar sales in November with 15, followed by San Rafael with seven;
- It took an average of 100 days to sell a million-dollar home in the county, down from 108 days the previous month and 104 days a year ago;
- Homes sold for an average price of $2.03 million or more than 90 percent of their average asking price compared to 92 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. The figures were derived from Multiple Listing Service data of all homes sold for more than $1 million.
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.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage is the largest residential real estate brokerage in Northern California and serves the markets from Monterey to Tahoe and nearly every market in between. The company has 61 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 56,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.275.3085.
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