Marin County’s million-dollar-plus housing market took a step back in January with both property sales and the median sale price declining from the previous month, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
A total of 29 homes sold for more than $1 million, down from 54 in December, while the median sale price dipped to $1.28 million from $1.49 million the previous month, a 14.4 percent decline. The price was 17.5 percent below the same period a year ago. The one bright spot in the report was that property sales were up over last year’s total of 15.
“While we’ve seen definite improvement in the market compared to a year ago, the road to recovery is going to have some bumps and potholes along the way,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Anecdotally, we’re actually seeing a strong start to the new year with a great deal of buyer interest, which could translate into closed sales in the coming weeks and months.”
Turley said he expects to see a much earlier spring selling season this year due to the upcoming deadline for the home buyer tax credit. The season typically runs from March through May, but buyers who want to claim the credit of $6,500 to $8,000 must purchase their home by April 30 and close by June 30.
“One of the challenges we’re facing in Marin County – and many other parts of the Bay – is that there aren’t enough properties in the high end on the market, which slows down the number of sales,” he said. “The lack of inventory continues to make well-maintained, reasonably priced homes stand out.” One property in southern Marin County listed at $1.35 million, for example, received 11 offers.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County in January was a 10-bedroom, nine-bath 11,500-square-foot home in Ross that sold for $14 million;
- The second most expensive was also in Ross – a six-bedroom, six-bath 9,656-square-foot home that sold for $8 million
- Mill Valley again boasted the most million-dollar sales in January with 10, followed by San Rafael and Tiburon with four each;
- It took an average of 161 days to sell a million-dollar home in the county, up from 143 days the previous month and 102 days 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.
# # #