Both luxury home sales and prices in Marin County moved sharply higher again in April compared to the previous month as the spring home-buying season unfolded, 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 70 luxury sales in April, up 79 percent from the 39 sales in March. Normal seasonal increases accounted for some of the gains between March and April, but last month’s sharp rise was greater than normal.
The upper end of the luxury market was particularly strong with 47 sales over $2 million, up from 21 the previous month, and 16 sales over $3 million, up from six in March.
However, luxury home sales overall last month trailed April 2015, when there were 80 sales over $1.5 million.
Meanwhile, the median sale price of a luxury home in Marin County in April rose 9.3 percent from March to $2,307,500. But last month’s median price was 2.3 percent lower than April 2015’s level.
“Marin County’s housing market, including the luxury segment, remains one of the stronger, more vibrant markets in the Bay Area,” said Mike James, president of Coldwell Banker Residential Brokerage. “There’s never been any question about demand from buyers, but now we’re gradually seeing some more listings coming on the market to meet that demand and it’s helping to keep sales up at healthy levels.”
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in Marin County last month was a five-bedroom, five-bath approximately 5,500-square-foot home in Stinson Beach that sold for $9.5 million;
- Mill Valley boasted the most luxury sales last month with 15, followed by Tiburon with 13 and San Rafael with nine;
- Homes sold in an average of 42.2 days on the market, down from 85.5 days a year ago and 79.9 days the previous month;
- Sellers received an average of 103 percent of their asking price, the same as a year ago but up from 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.