Kyle Frazier, J.D., Broker Associate Ι Pacific Union International | Christies International Real Estate | (415) 350-9440

Marin Luxury Properties Report Pacific Union – Christie’s International Real Estate | Marin County, CA Luxury Home Sales (January 2012)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (January 2012) — Luxury home sales have maintained a solid pace over the past quarter (in December 2011, Marin County saw 9 sales over $2 million). It remains very clear that buyers will act quickly, even in the luxury home realm when they feel a particular home reflects clear value and/or possesses unique and desirable characteristics. Extraordinary opportunities are literally around every corner for buyers who can stomach uncertainty — although, it appears, the level of uncertainty has diminished fairly significantly over the past 6 months. Indeed, pricing in the marketplace (especially for homes that started off overpriced) remains on the soft side and “value” is evident in virtually every locale and every price segment of the luxury home market in Marin.

In line with normal seasonal adjustments (we are approaching the end of the slow season), the inventory of luxury homes remains constricted with just 81 properties actively listed over $2 million in Marin. This inventory level is lower than years past as prices have declined substantially in many markets (e.g., such that homes that priced at $2.25 million in 2006 are now priced below $2 million). Moreover, to the extent sellers do not have a compelling reason to sell now, most are waiting for prices to recover rather than trade in today’s market.

Marin County cities recording luxury home sales between $2 million and $4 million in December 2011 included: Tiburon (3), Belvedere (1); Mill Valley 21); and Sausalito (1). These homes averaged 209 days on market. Their average sales price was $2.742 million (roughly $846 per square foot), with an average of 3,683 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) experienced three trades in December 2011 — Stinson Beach, Mill Valley, and Belvedere each had one sale.

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), I have access to a database with several dozen luxury homes not currently on the MLS, but discretely offered for sale off-market. Please contact me regarding your specific desires. In addition, if you are looking for an agent to aggressively and intelligently market your home, please call me. I am a Certified Luxury Home Marketing Specialist.

By: Kyle Frazier, J.D. & Broker, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Realtor with Pacific Union | Christie’s International Real Estate. Call Kyle Frazier at            415/350-9440       for more luxury home market information in Marin County, California (the San Francisco Bay Area’s “North Bay”).

Marin Luxury Properties Report Pacific Union – Christie’s International Real Estate | Marin County, CA Luxury Home Sales (October 2011)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (October 2011) — Luxury home sales slowed to 10 in September 2010. This reflects a seasonal lull as Summer travel takes center stage in August and home sales slow in Marin County). It remains clear that buyers will act quickly in the luxury home market when they feel a particular home reflects clear value and/or possess unique sales characteristics. Extraordinary opportunities are literally around every corner for buyers who can stomach uncertainty. Pricing in the marketplace (especially for homes that started off overpriced) is soft and “value” is evident in virtually every corner and every price segment of the luxury market.

In line with normal seasonal adjustments, the inventory of luxury homes remains constricted with just 122 properties actively listed over $2 million in Marin. This inventory level is lower than years past as prices have declined substantially in many markets (e.g., such that homes that priced at $2.25 million in 2006 are now priced below $2 million). Moreover, to the extent sellers do not have a compelling reason to sell now, most are waiting for prices to recover rather trade in today’s market.

Marin County cities recording luxury home sales between $2 million and $4 million in August 2011 included: Tiburon (1), Belvedere (1); Mill Valley (3); Larkspur (1); Sausalito (1); Ross (1); Kentfield (1). These homes averaged a mere 58 days on market (very low). Their average sales price was $2.59 million (roughly $718 per square foot), with an average of 3,720 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for one sale last month — a 2.2 acre estate in the flats of Ross.

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), I have access to a database with several dozen luxury homes not currently on the MLS, but discretely offered for sale off-market. Please contact me regarding your specific desires.

By: Kyle Frazier, J.D. & Broker, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Realtor with Pacific Union | Christie’s International Real Estate. Call Kyle Frazier at 415/350-9440 for more luxury home market information in Marin County, California (the San Francisco Bay Area’s “North Bay”).

Marin Luxury Properties Report Pacific Union International – Christie’s Great Estates | Marin County, CA Luxury Home Sales (August 2011)

Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (August 2011) — Luxury home sales continued through July (our swoon season) — we had 11 trades (there were 9 in January and just 7 in February 2011). While international events of the past 10 months and economic events this past month have made for a turbulent year in the luxury sector, it appears that buyers are continuing to snap up luxury homes that reflect clear value and/or possess unique sales characteristics. Certainly, there are extraordinary opportunities available right now for buyers. Pricing in the marketplace (especially for homes that started off overpriced) is soft and “value” is evident in virtually every corner and every price segment of the luxury market. In line with normal seasonal adjustments, the inventory of luxury homes remains somewhat low — 138 properties are in the MLS over $2 million in Marin (this is somewhat lower than years past as many home value have dipped below $2 million).

Marin County cities recording luxury home sales between $2 million and $4 million in March 2011 included: Tiburon (2), Belvedere (2); Mill Valley (2); Larkspur (1); San Anselmo (1); and San Rafael (1). These homes averaged 119 days on market. Their average sales price was $2.798 million (roughly $763 per square foot), with an average of 3,903 square feet. Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month (one in Mill Valley and the other in Belvedere) and there are currently four more of these homes in escrow.

Note: As a member of the Top Agent Network (top 10% in Marin) and the Marin Platinum Group (Top 100 agents), I have access to a database with several dozen luxury homes not currently on the MLS, but discretely offered for sale off-market. Please contact me regarding your specific desires.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Christie’s Great Estates. Call Kyle Frazier at 415/350-9440 for more luxury home market information in Marin County, California (the San Francisco Bay Area’s “North Bay”).

Christie’s Great Estates | Marin Luxury Homes Report (September 2010)

Christie’s Great Estates | Marin County, CA Luxury Home Sales — With 8 sales, the luxury property market in Marin County again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, buyers are shaking off media ennui and making offers. Pricing in the marketplace certainly suggests “value” and inventory remains relatively low — we currently have just 132 homes actively on the market.

Cities recording luxury home sales between $2 million and $4 million in August 2010 included: Tiburon (3), Mill Valley (1), Greenbae (1), Ross (1), Corte Madera (1), and Sausalito (1). These homes averaged 117 days on market. Their average sales price was $2.518 million (roughly $732 per square foot), with an average of 2,518 square feet.

Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for one sale last month, a $7 million all cash sale for a new construction view home in Tiburon on 1.2 acres with a gated driveway, infinity pool, and excellent privacy. We currently have 51 homes for affluent buyers to choose from in this high end price band.

Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently offered on the MLS, but available for sale. Please contact me regarding your specific desires.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Christie’s Great Estates. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Pacific Union International is the leading broker for Marin County luxury homes.

Pacific Union International | Marin Luxury Homes Report (May 2010)

As with many of Marin County’s micro-markets, Marin’s luxury home market is showing signs of increased velocity and buyer optimism. As reported in previous months, “real buyers” continue to snap up homes in prestige locations such as Mill Valley, Belvedere, Ross, Kentfield, etc., along with “value” properties with locational upside, views of San Francisco (such as those in Sausalito), southern exposures, knolltop properties. In the $2 million to $4 million price band, sales have eclipsed last year’s low numbers, inventory is down significantly and the number of homes with accepted offers (in escrow) is very high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. The below chart shows the dramatic increase in the number of luxury homes sold in Marin County, as compared with last year.

$2 Million to $4 Million Luxury Homes

True to last month’s prediction, sales were up significantly in this luxury segment (with 17 sales, we more than doubled last year’s total for the month). Incredibly, we have another 26 homes currently in escrow. Again, this is a leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic and housing environments are improving and pricing in the marketplace suggests “value.” Inventory remains relatively low at just 136 homes on the market last month.

Cities recording April 2010 sales in this price band included: Belvedere (2), Tiburon (4), Mill Valley (6), Larkspur (1), Ross (1), San Rafael (1), and Kentfield (2). These homes averaged 92 days on market. Their average sales price was just over $2.6 million (roughly $749 per square foot), with an average of 3,585 square feet. The absorption rate for Marin homes in this price band dipped dramatically and is down to approximately 4 months.

$4 Million & Up Ultra-Luxury Homes

The low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) bumped upwards this month — we now have 63 homes for buyers to choose from.

Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently offered on the MLS, but available for sale. Please contact me regarding your specific desires.

The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced two such sales last month in this price band with an average sales price of $7.3 million (these homes averaged 9,290 square feet). As with sales in the lower luxury price band, we expect sales to pick up in the coming months as we head into the traditional selling season. We currently have six such homes in escrow (compared to zero this time last year). I look forward to coming months as this important segment of the Marin real estate market continues to improve.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Pacific Union International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County Luxury Homes Report (April 2010–Pacific Union International)

As with many of Marin County’s micro-markets, Marin’s luxury home market is showing signs of increased velocity and buyer optimism. As reported in previous months, “real buyers” continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc., along with “value” properties with locational upside, views of San Francisco, southern exposures, knolltop properties. In the $2 million to $4 million price band, sales have eclipsed last year’s low numbers, inventory is down significantly and the number of homes with accepted offers (in escrow) is very high. This combination of factors looks promising for continued improvement. And we are not alone — click HERE for a detailed snapshot of current national trends from the Institute for Luxury Home Marketing. The below chart shows the dramatic increase in the number of luxury homes under contract in Marin County, as compared with last year.

$2 Million to $4 Million Luxury Homes

Following a lackluster January 2010, sales in February and March 2010 increased quite a bit, with 9 trades. Incredibly, we have another 28 homes currently in escrow (there were just 16 in escrow last month). This is a leading indicator of increased sales next month. Certainly, buyers are feeling some urge to buy as it appears that the overall economic environment is improving, the DJIA has trended up over 11,100, and the pricing in the marketplace suggests “value.” However, inventory remains low (although higher than last month) at just 96 homes on the market.

Cities recording March 2010 sales in this price band included: Belvedere (1), Tiburon (3), Mill Valley (1), and Kentfield (3). These homes averaged 141 days on market. Their average sales price was $2.627 million (roughly $660 per square foot), with an average of 4,062 square feet. The absorption rate for Marin homes in this price band is approximately 10 months.

$4 Million & Up Ultra-Luxury Homes

The low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) bumped upwards this month — we now have 50 homes for buyers to choose from, compared with 40 last month.

Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently offered on the MLS, but available for sale. Please contact me regarding your specific desires.

The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced just one sale last month in this price band — a $6.5 million all-cash sale. Such limited sales activity vitiates the possibility of meaningful analysis. Sales are expected to pick up in the coming months as we head into the traditional selling season.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Pacific Union International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (February 2010–Sales and Inventory Analysis)

Marin County, California’s luxury home market continues to recover from the proverbial wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc. Indeed, “value” properties are gobbled up quickly. Despite this apparent thirst for luxury digs, inventory levels remain 40% higher than two years ago. This trend is not unique to Marin, but prevails nationwide. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

The below chart reflects the number of homes in the $2 million to $4 million luxury price band which are in escrow (compared against the past 2 years). Note that the number of homes with accepted offers (not closed sales), is up 50% from 2 years ago and 450% from last year. This is a promising trend.

Another statistic that may not be readily apparent to casual observers is the fact that prices in the $2 million to $4 million price band are stabilizing as median sales prices countywide are down just 6% over the past 2 years. Of course, the impact of the downturn varies greatly by neighborhood and even within neighborhoods based on amenities.

$2 Million to $4 Million Luxury Homes

Following a very strong November and December 2009, sales in January 2010 reflected our typical seasonal slowdown as Marin County recorded just 4 trades. Yet, we have another 13 homes in escrow. Certainly, buyers are feeling some urge to buy as it appears that the poor economic environment may be improving and the pricing in the marketplace suggests “value.” Inventory remains low (although higher than last month) at just 70 homes on the market between $2 million and $4 million.

Cities recording January 2010 sales in this price band included: Belvedere (1), Mill Valley (1), Kentfield (1), and Tiburon (1). These homes averaged 239 days on market. Their average sales price was $2.542 million (roughly $626 per square foot), with an average of 4,015 square feet. The absorption rate for Marin homes in this price band is 17.5 months (which is high due to the low number of trades and increased inventory).

$4 Million & Up Ultra-Luxury Homes

The already low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) held steady at 36 homes for sale. The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced 2 sales last month in this price band — one was Sean Penn’s estate and the other was a one-of-a-kind supreme location estate which sold for $14 million. Both sales were in Ross and the latter was accomplished via a Morgan Lane buyer client.   

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (January 2010–Sales and Inventory Analysis)

Home sales in Marin County, California’s luxury price bands continue to recover from the proverbial wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc. Indeed, “value” properties are gobbled up quickly. Despite this apparent thirst for luxury digs, inventory levels remain 40% higher than two years ago. This trend is not unique to Marin, but prevails nationwide. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

The below graph tracks asking prices for 3 popular cities in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield.

Year over year luxury market inventory levels in Mill Valley have hovered at around 20% higher than last year for 6 months (and are now down to about 12%). Meanwhile, inventory in Kentfield is up 22% and Tiburon – Belvedere inventory levels are over 42% higher than last year.

Below is a new chart focusing on the percentage of homes that have experiencd price reductions and the depth of those price reductions, on average. This chart examines these trends in Mill Valley and in Belvedere – Tiburon. It is perhaps not surprising that approximately 17% of listings in Tiburon – Belvedere have experienced a price reduction and those reductions average about 8%.

Real Estate Market Chart by Altos Research www.altosresearch.com

$2 Million to $4 Million Luxury Homes

Following a strong November, sales in December (a traditionally slow month) were also quite high given the typical seasonal slowdown. With 15 trades, this December was stronger than anybody may have anticipated six months ago. Additionally we have 12 more homes in escrow. Certainly, buyers are feeling some urge to buy as it appears that the poor economic environment may be improving and the pricing in the marketplace suggests “value.” Inventory is low, as is typical this time of year, with just 56 homes on the market between $2 million and $4 million.

Cities recording December 2009 sales in this price band included: Belvedere (1), Ross (3) Mill Valley (2), Larkspur (1), Kentfield (1), Tiburon (5), and San Rafael (1), and San Anselmo 1). These homes averaged 139 days on market. Their average sales price was $2.626 million (roughly $715 per square foot), with an average of 3,968 square feet. The absorption rate for Marin homes in this price band is about 3.7 months (down from 13 months in November — this huge reduction is the result of seasonally reduced inventory levels).

$4 Million & Up Ultra-Luxury Homes

The already low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) dipped to 34 homes for sale. The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced just 1 sale last month in this price band. It was a $5.4 million Belvedere estate with great views: days on market – 315, price – $5.4 million, square feet – 7,300.  

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (December 2009–Sales and Inventory Analysis)

The luxury home market in Marin County, California, which is vastly improved over a year ago, seems to have hit a comfortable level of activity. As reported in previous months, real buyers continue to homes in prestige locations with emphasis on views and lifestyle amenities (such as large usable yards, proximity to athletic clubs/shopping, reputable schools, and sensible scales). And they are seeking “value.” For the last 2 quarters, the Marin County luxury market has strongly favored homes priced under $3 million. [For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE. And if you would like a hyper-local report relating to any town or zip code in Marin or San Francisco, e-mail or call me at (415) 350-9440.]

The below graph tracks asking prices for 3 popular cities in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield.

Year over year luxury market inventory levels in Mill Valley have hovered at around 20% higher than last year for 6 months (and are now down to about 15%). Meanwhile, inventory in Kentfield is up 40% and Tiburon – Belvedere inventory levels are over 60% higher than last year.

Below is a new chart focusing on the percentage of homes that have experiencd price reductions and the depth of those price reductions, on average. This chart examines these trends in Mill Valley and in Belvedere – Tiburon. It is perhaps not surprising that approximately 25% of listings in Tiburon – Belvedere have experienced a price reduction and those reductions average about 8%.

Real Estate Market Chart by Altos Research www.altosresearch.com

$2 Million to $4 Million Luxury Homes

Following a very strong October, November sales were also quite high given the typical seasonal slowdown. Buyer activity has sustained through November. With 13 sales, this November was stronger than anybody may have anticipated (there were 9 sales in October). Additionally we have 14 more homes in escrow. Certainly, previously patient buyers are feeling some urge to buy now as it appears that the poor economic environment may be improving and the pricing in the markerplace suggests “value.” Inventory is low, as is typical this time of year, with just 70 homes on the market between $2 million and $4 million.

Cities recording November 2009 sales in this price band included: Belvedere (2), Ross (1) Mill Valley (4), Larkspur (1), Tiburon (3), and San Rafael (2). These homes averaged 98 days on market. Their average sales price was $2.858 million (roughly $799 per square foot), with an average of 3,673 square feet. The absorption rate for Marin homes in this price band is about 5.3 months (down from 13 months in November — this huge reduction is the result of seasonally reduced inventory levels).

$4 Million & Up Ultra-Luxury Homes

The already low inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) dipped slightly to 40 homes for sale (there was 47 such homes on the market in November 2009). The highest concentrations of homes in this price band are Tiburon and Belvedere. Marin County experienced just 2 sales last month in this price band and these homes had the following characteristics: days on market – 107, price – $5.237 million, square feet – 4,906, price per square foot – $1,059. Note that Christie’s Great Estates agents represented all buyers and sellers in last months ultra-luxury market segment in Marin County. 

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.

Marin County, California, Luxury Homes Report (October 2009–Sales and Inventory Analysis)

In our New Economy, real buyers have become less numerous and have placed increased emphasis on prestige locations, views, lifestyle amenities (usable yards, proximity to clubs/shopping, etc.), schools, and sensible scale. As reported all year, the luxury segment remains weighted towards homes priced under $3 million — although 4 homes priced over $4 million sold in October 2009. First and foremost, the economy must give reason for optimism and the stock market must continue to win back gains lost over the past year. Once some of those gains are recaptured, affluent buyers will feel more comfortable with major purchases again.

Meanwhile, the media has been placing a positive spin on economic news coverage, which will hopefully result in a positive feedback loop. For example, a story run in the A.P. last week noted that economic forecasters are predicting that 2010 will be the first year since 2005 for housing to contribute to the growth of the U.S. economy (based on a survey by the National Association for Business Economics). According to that organization, home prices are expected to rise 2 percent next year and over 80 percent of economists surveyed by the NABE think the recession is over and recovery has begun. In addition, the San Francisco Chronicle ran a story last week regarding how low interest rates have spurred a modest increase in Bay Area home sales in September. Also concurring with the expectation of growth is the Mortgage Bankers Association Chief Economist Jay Brinkmann, who predicts that sales of existing homes will rise 11 percent in 2010, with sales of new homes climbing 21 percent.

For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE. And if you would like a hyper-local report relating to any town or zip code in Marin or San Francisco, call me at (415) 350-9440.

The below graph tracks asking prices for 3 “hot” locales in Marin — Tiburon/Belvedere (they are combined here because they use the same zip code), Mill Valley, and Kentfield. Interestingly, while Belvedere continues to see asking prices drop, Kentfield and Mill Valley have seen asking prices increase over the 120 days. Of course, asking prices do not necessarily closely reflect selling prices and in Mill Valley, there are lots of homes on the market in the higher price bands, which have not sold.

The year over year inventory levels in Mill Valley have hovered at around 20% higher than last year for 6 months. Meanwhile, inventory in Kentfield is up 80% and Tiburon / Belvedere inventory levels are over 90% higher than last year.

Below is a new chart focusing on the percentage of homes that have experiencd price reductions and the depth of those price reductions, on average. This chart examines these trends in Mill Valley and in Belvedere / Tiburon. It is perhaps not surprising that nearly 45% of listings in Tiburon / Belvedere have experienced a price reduction and those reductions average about 12%.

Real Estate Market Chart by Altos Research www.altosresearch.com

$2 Million to $4 Million Luxury Homes

Heading into the Fall, it is generally expected that sales will wane. Yet, buyer activity has picked up significantly. The number of homes in escrow in this price band is up 33% from last month. It seems that there is a lot of home shopping going on as patient buyers have begun snapping up homes. I expect that next month will see a large surge of sales. Inventory remains low with 128 homes on the market between $2 million and $4 million.

Cities recording sales in this price band included: Tiburon (1), Mill Valley (3), Kentfield (2), and Sausalito (1). These homes averaged 113 days on market. Their average sales price was $2.683 million (roughly $813 per square foot), with an average of 3,340 square feet. The absorption rate for Marin homes in this price band is about 18 months.

$4 Million & Up Ultra-Luxury Homes

The inventory level of Marin County’s ultra-luxury market (homes priced in the $4 million and up range) remained virtually unchanged with 53 homes for sale. The highest concentrations of homes in this price band are Tiburon, Belvedere, Sausalito, and Ross. As noted earlier, Marin County experienced 4 sales last month, doubling the previous month’s output.

By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Morgan Lane International. Call Kyle Frazier at 415/350-9440 for more luxury home market information in San Francisco and Marin Counties.