Marin County Real Estate (August 2008)

August 13, 2008

Besides having good air (the best in the country, in fact), excellent schools (click HERE for last month’s Forbes article discussing Marin Schools), a relatively short commute (even the Novato commute to San Francisco will soon be improved further when the HWY 101 widening project is completed in December), lots of dedicated open space, beaches, hiking trails, proximity to Lake Tahoe, and everything else we sometimes take for granted living here, we can also be pleased that we don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets).

We currently have 748 active listings (down from 772 in July 2008). While Summer is traditionally slower for home sales, buyers continue visiting open houses en mass. Reports of multiple offers continue, especially for aggressively priced Southern Marin homes in good locations and bank owned properties in Novato. 

[…click here for the rest of the report courtesy of NorthBayRE.com.]

Filed Under Marin Real Estate Trends · Leave a Comment  

Marin Luxury Homes (August 2008)

August 13, 2008

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California fell over the past to 106, compared to 122 homes in July 2008. This time of year is the typical slow season as sellers recalculate their positions, buyers are out of the County on vacations, etc., and a number of agents doze off, waiting for things to pick back up in the Autumn. Indeed, the lower inventory was accompanied by a respectable month of sales with 20 homes sold in July 2008. 

Mill Valley led the way with the most luxury home sales (4 of these homes sold). Tiburon and Larkspur followed with 3 homes sold and Kentfield and San Rafael had 2 sales each. Ross, San Anselmo, and Corte Madera had 1 sale each. The average days on market for homes that sold was a mere 70 days (14 days more than in June) and the average sales price was $2.576 million (roughly $907/per sq. ft.), with an average of 3,083 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also fell–we now have just 46 active listings, compared with 54 last month.

 [ … click here for the complete report courtesy of NorthBayRE.com].

Filed Under Luxury Homes Report · Leave a Comment  

Novato Real Estate Market Update (August 2008 Home Sales Report)

August 12, 2008

The Northern Marin (e.g., Novato) real estate market continues to out-pace the Central Marin market in certain price bands. Active listings are abundant. Buyers are focused and seemingly undeterred when it comes to writing offers below asking price–sometime significantly so. Sellers with a need to sell are embracing aggressive pricing. 
 
As I have noted over the past few months, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. I have a new listing that is exquisite, with a pool, and located in the highly sought after neighborhood of Pointe Marin–asking price $799,000. This is an example the fantastic value available in Novato. New business arrivals at Hamilton Landing are fueling many purchases in Northern Marin as is the new Hamilton Marketplace.
 
There are 43 homes under $500,000 (up from 30 in July 2008), and 67 homes under $600,000 (up by 13) currently on the market. At the other end of the spectrum, Novato’s resurgent semi-luxury market ($1 million to $1.5 million price range) posted another 7 sales (there 5 last month). Overall, roughly 23% of homes on the market in Novato are in escrow. Sales, it appears, have continued over the past month, even though Summer tends to be slow for home sales. Certainly, my listings are seeing plenty of activity with dozens of visitors at open houses.

Thirty-four Novato homes sold in July 2008–up by 2 from June 2008, which saw 32 home sales. These homes averaged about 122 days on market, sold for an average sales price of $769,000 (roughly $370 per sq./ft.), and the average sized home was 2,171 square feet. Homes in Pointe Marin, Rush Creek, Indian Valley, and Stonetree continue to get robust numbers of showings and/or interest.

Price Range

Total Homes

Pending Listings

Up to $600K

94

29%

$600K – $750K

 63

35%

$750K – $1 mil.

77

18%

$1 mil. – $1.5 mil.

53

19%

$1.5 mil. & Up

32

3%
 

For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is always my pleasure to be of service.

Filed Under Novato Homes & Real Estate Reports · Leave a Comment