Median sale price up nearly 6 percent over last year to $1.58 million

Luxury home sales in Marin County fell in December from the previous month and year-ago levels, but the median sale price of a high-end home edged up nearly 6 percent from last year, 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 last month, down from 54 sales a year ago and 58 in November. At the same time, the median sale price of million-dollar properties climbed to $1.58 million, up 5.9 percent from December 2009. The median price was down from November’s $1.69 million.

Other key market indicators improved in December compared to year-ago levels. Sellers received nearly 94 percent of their asking price on average, up from less than 87 percent in December 2009.  And homes that sold last month spent an average of 140 days on the market, down from 143 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 Marin County’s housing market generally saw solid improvement in 2010, but not every month moved higher as December showed,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Part of the reason is that closings were so strong in November and the previous December that it was a high bar to top. But in general, the luxury market is trending in the right direction again.”

Turley said that gains in the stock market, coupled with continuing improvement in the overall economy, bode well for high-end buyers. “There are a lot of positives for buyers right now, including solid inventories to pick from, attractive pricing and very low mortgage rates, so I’m encouraged by the prospects for the market as we head into the new year.”

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

  • The most expensive sale in Marin County in December was a five-bedroom, six-bath 6,000-square foot home in Belvedere that sold for $11,750,000;
  • Mill Valley boasted the most million-dollar sales with 11, followed by Tiburon with six, Sausalito and Belvedere with five each, and Larkspur with four;
  • It took an average of 140 days to sell a million-dollar home in the county, down from 143 days a year ago but up from 136 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.