MILL VALLEY, Calif. – June 24, 2014 – Luxury home sales in Marin County climbed nearly 23 percent in May from year-ago levels while the median sale price eased slightly, according to a new report by Coldwell Banker Residential Brokerage, the leader in Marin County luxury real estate services.
The figures are based on Multiple Listing Service data of all homes sold for more than $1.5 million last month in Marin County.
There were a total of 86 luxury home sales in May, up from 70 in May 2013. Sales last month were also up sharply from the 65 luxury transactions in April.
The high end of the luxury market was especially strong last month with 51 homes selling for more than $2 million, up from 40 during the same period last year. And there were 21 sales over $3 million, up from just 13 a year ago.
The median sale price of a luxury home dipped last month to $2.1 million, down 3.4 percent from a year ago, when the median stood at $2,175,000. It was also down form April’s level of $2.2 million.
Other key market indicators were mixed last month with homes selling a little slower on average than a year ago but sellers received a higher percentage of their asking price on average during May.
“While sales overall in the market have leveled off somewhat, primarily because of the limited inventory of listings, the luxury end of Marin County’s housing market really is showing no signs of cooling off,” said Mike James, president of Coldwell Banker Residential Brokerage.
“Marin is a highly desirable area for luxury buyers, and the demand for high-end homes remains extremely strong,” he said. “The issue really comes down to having enough listings to meet the demand, but hopefully we’ll see more inventory come on the market as we head through the summer home buying season.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- o The most expensive sale in Marin County last month was a six-bedroom, eight-bath approximately 7,200-square-foot home in Tiburon that sold for $7 million;
- o Mill Valley boasted the most luxury sales with 21, followed by Tiburon with 14, San Rafael with nine and Kentfield with eight;
- o Homes sold in an average of 64.1 days on the market compared to 40.7 days a year ago and 48.6 days the previous month;
- o Sellers received an average of 104 percent of their asking price, up from 101 percent a year ago and 102 percent 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, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.
Coldwell Banker Residential Brokerage has 10 branch offices throughout Marin County to serve homebuyers and sellers. For more information please call 925.771.5285.
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 57 office locations and more than 3,900 affiliated sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, Coldwell Banker leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. A subsidiary of Realogy Holdings Corp. (NYSE: RLGY), NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit www.CaliforniaMoves.com or call 925.771.5285. CalBRE #01908304.
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