MILL VALLEY, Calif. – January 29, 2015 – Marin County’s luxury housing market finished off 2014 much the way it began with prices soaring but a shortage of inventory holding back sales, 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.
The median sale price of luxury properties in December reached $2,385,500, up 32.5 percent from last December, when the median stood at $1.8 million. Last month’s median sale price was also up 2.5 percent from November.
Meanwhile, a severe shortage of homes for sale kept unit sales soft with 28 luxury homes changing hands last month, down 9.7 percent from the 31 sales in December 2013. Sales were also off sharply from November 2014, when 42 luxury sales were recorded.
The upper end of Marin County’s luxury market continued to be the strong in December with 16 sales over $2 million, up from 12 a year ago, and seven sales over $3 million, up from five year ago.
“The luxury market finished 2014 much the way it began with a sharp increase in sale prices but not nearly enough listings to meet the robust buyer demand,” said Mike James, president of Coldwell Banker Residential Brokerage. “Our local economy continues to do well, homeowner equity continues to climb along with property values, and well qualified buyers are out there beating the pavement for homes. Those are all great ingredients for the luxury market. Now we just need more listings to sell in the new year.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was an six-bedroom, six-bath approximately 5,800-square-foot home in Ross that sold for $6,495,000;
- Tiburon and Mill Valley boasted the most luxury sales with six, followed by San Rafael and Stinson Beach with three each;
- Homes sold in an average of 86.5 days on the market, down from 102 days a year ago and 97.7 days the previous month;
- Sellers received an average of 97 percent of their asking price, the same as a year ago and down from 99 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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