Luxury home prices in Marin County moved higher once again last month as the region’s high-end market continued to improve, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.
The median sale price for a million-dollar-plus home in Marin County reached $1,595,000, up 1 percent from a year ago and a whopping 16 percent from November, when it was $1,375,000.
While prices moved higher, luxury sales did taper off as the year came to a close. Some 37 homes sold for more than $1 million, down from 43 in December 2010 and 55 the previous month. But the number of multi-million-dollar sales edged higher to 11, up from just seven a year ago and 10 in November.
Other market indicators also showed positive trends. Homes sold at a faster pace last month, averaging 106 days for those that closed in December, down sharply from 140 days last year and 111 days in November. And sellers received 95 percent of their list price on average, up from 93.7 percent last year.
“There continues to be solid demand for homes priced above $1 million in the Marin County market and throughout the Bay Area, for that matter,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “We’ve seen really good activity in the upper end of the market for the better part of the past year. That’s a healthy sign for the overall market because history has shown that sustainable recoveries in the housing market typically begin with the luxury segment.”
Turley said the challenge for the market continues to be a shortage of homes for sale, not lack of buyers. “I think it’s important for sellers to get the message that the market is getting better in many areas and there are buyers willing to pay competitive prices for homes,” he said. “If you’ve been thinking about putting your home on the market, you shouldn’t wait any longer. It’s time to jump in.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was a four-bedroom, three-bath 1,793-square-foot home in Stinson Beach that sold for $5.7 million;
- Tiburon boasted the most million-dollar sales with seven, followed by Mill Valley with six, San Anselmo with five, and Corte Madera with four;
- Homes sold in average of 106 days, down from 111 days the previous month and 140 days a year ago;
- Sellers on average received 95 percent of their asking price compared to 96.1 percent the previous month and 93.7 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.