Median sale price of million-dollar homes up 7% to $1.425 million

The median sale price of luxury homes in Marin County edged higher last month, but sales dipped compared to the previous month and a year ago, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 43 homes sold for more than $1 million in Marin County in October, down from 49 properties in September and October 2009. However, the median sale price of million-dollar properties jumped 7 percent from last year to $1.425 million in October. The median price was also up 2.1 percent from September.

Other market indicators were mixed last month. Sellers received 93.5 percent of their asking price on average, up from just under 92 percent a year ago. But it took an average of 111 days to sell a luxury home, up slightly from 109 in September and 108 a year ago.

The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.

“The upper end of the Marin County housing market has gradually improved over the past year or two since the depths of the recession,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “But the recovery hasn’t always been steady, and there have been setbacks as the economy tries to pick up steam.”

Turley said the year-over-year decline in sales was possibly affected by the fact that the homebuyer tax credit, which was available last fall, had expired earlier this year. Although the tax credit was aimed at entry and mid-level housing, it did help consumers looking to sell their homes in order to move up to bigger and more expensive properties last year.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

  • The most expensive sale in Marin County in October was a four-bedroom, five-bath 4,507-square foot home in Belvedere that sold for $7.14 million;
  • Tiburon boasted the most million-dollar sales with 10, followed by Mill Valley with eight, and Sausalito and Corte Madera with four each;
  • It took an average of 111 days to sell a million-dollar home in the county, up from 108 days a year ago and 109 days 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, the company 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.