Marin Luxury Home Sales Edge Up in February, Coldwell Banker Residential Brokerage Reports

Mill Valley, CA, March 19, 2011 --( Luxury home sales in Marin County moved higher in February from the previous month, but declined slightly from last year, according to Coldwell Banker Residential Brokerage, the Bay Area’s leading provider of luxury real estate services.

A total of 29 homes sold for more than $1 million in Marin County last month, up from just 18 sales in January. At the same time, the median sale price of million-dollar properties dipped 2.8 percent from the previous month to $1.38 million. But sellers did receive a higher percentage of their asking price at 93.1 percent vs. 90.9 percent in January.

Although luxury sales moved higher month to month, they were shy of last February’s level of 33 closed transactions. Additionally, the median sale price year over year dropped 11 percent to $1.38 million.

The figures were derived from Multiple Listing Service data of all homes sold in Marin County for more than $1 million last month.

“In general, there has been more buyer interest and activity since the beginning of the year in many markets, including Marin,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “High-end buyers are still cautious and want to make sure they’re getting the best value they can, but many are starting to move back into the market. We’ll see how this all shakes out in the weeks and month ahead.”

Turley noted that comparisons with last year are difficult because the first-time homebuyer tax credit was still being offered through the spring of 2010. Although the million-dollar market wasn’t directly affected by the incentive, the tax credit did encourage more transactions in general and led to more move-up buyers in the upper end.

While he’s encouraged by the uptick in sales this year, Turley cautioned that economic and global issues could pose headwinds to the housing recovery. The slowly growing U.S. economy, coupled with concerns about the Middle East unrest and the earthquake and tsunami disasters in Japan, may make buyers a bit more cautious in the short-term.

Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:

* The most expensive sale in Marin County in February was a six-bedroom, seven-bath 5,535-square foot home in Kentfield that sold for $$6,215,000;

* San Rafael boasted the most million-dollar sales with five, followed by Mill Valley and Sausalito with four apiece;

* It took an average of 205 days to sell a million-dollar home in the county, up from 154 days a year ago and 110 days 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, 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. in Greenbrae; 36 Tiburon Blvd. in Mill Valley; 1737 Grant Avenue, Novato; and 1 Harbor Drive, Suite 110, in Sausalito. For more information, please call 925-275-3085.

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 58 office locations and more than 3,300 sales associates throughout Northern California. Last year the company handled more than 16% of all home sales in the Bay Area, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market, selling more than 27% of properties that sold for more than $3 million and more than 33% of homes priced above $5 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 760 offices and 46,000 sales associates operating in more than 35 major metropolitan areas. A subsidiary of Realogy Corporation, NRT operates Realogy’s company-owned real estate brokerage offices. For more information please visit or call 925.275.3085. DRE # 00313415.

Coldwell Banker Residential Brokerage
Stephen Maita