Luxury home sales and the median sale price in Marin County both moved higher in August from year-ago levels as the high-end market continued to improve, according Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.
A total of 58 homes sold for more than $1 million in Marin County last month, up from 44 transactions last August and 54 the previous month.
The median sale price for a million-dollar property also rose last month to $1,467,500, up 6.2 percent from a year ago. However, the median was off just under 4 percent from July’s level of $1,527,500.
Other metrics also showed momentum in the high-end market: A total of 16 multi-million-dollar homes ($2 million and up) sold last month, nearly double the nine transactions a year ago and up sharply from the 11 the previous month. Homes sold on average in 91 days of being listed, down from 101 days a year ago. And sellers received an average of 96.7 percent of their asking price, up from 93.6 percent last year.
The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.
“The luxury segment of Marin County’s housing market continues to strengthen, along with the high-end market in other parts of the Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “Both sales and prices are firming up in Marin, San Francisco, the Peninsula and Silicon Valley. That could be a leading indicator of how the overall market will fare in the months ahead.”
Turley noted that the high-end market often recovers first following a downturn. Last month, DataQuick, the La Jolla-based real estate research firm, reported that overall sales in the Bay Area last month rose 12.2 percent, although the median price dipped 3.9 percent.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was a six-bedroom, seven-bath 7,980-square foot home in San Rafael that sold for $5.1 million;
- Mill Valley and Tiburon boasted the most million-dollar sales with 12 apiece, followed by Sausalito with five;
- Homes sold in an average of 91 days of being listed, down from 101 a year ago but up from 84 the previous month;
- Sellers received on average 96.7 percent of their asking price, up from 96.2 percent the previous month and 93.6 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.
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.