Marin County Luxury Home Market Continues Improving, Coldwell Banker Residential Brokerage Reports
Summary
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.And sellers received nearly 97 percent of their asking price, up from 90 percent a year ago and 95 percent the previous month.The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.“Sales have been strong in the entry level market in Marin County and throughout the Bay Area for some time, and now it appears that the mid and upper end of the market is rebounding as well,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay Area.The mix of homes selling in the county has been steadily changing with fewer foreclosures and distressed property sales and more mid and high-end home sales, helping revive the luxury market.Although the credits primarily benefited entry-level buyers, the chain effect likely spurred more move-up buyers looking to take advantage of lower prices in the million dollar-plus market.Despite the improvement, Turley warned that there are still hurdles ahead for the local housing market.“The economic recovery is still quite fragile, unemployment remains high and we’re still battling macro economic issues here in the U.S. and worldwide with the debt crisis in Europe,” he said.“This all affects consumer confidence here at home, which is critical for the financial markets and housing market.”Nonetheless, Turley said he’s encouraged by the steady improvement in all segments of Marin County’s real estate market.Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:The most expensive sale in Marin County in April was a five-bedroom, seven-bath 8,000-square foot home in Tiburon that sold for $7.8 million;Mill Valley again boasted the most million-dollar sales in April with 17, followed by San Rafael and Tiburon with 10 each, and Kentfield and Larkspur with six apiece;It took an average of 90 days to sell a million-dollar home in the county, down from 101 days the previous month and 100 days 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.