Marin County Luxury Home Sales Flat in July, Coldwell Banker Residential Brokerage Reports

Greenbrae, CA, August 24, 2011 --(PR.com)-- After a strong performance in June, Marin County’s luxury home sales took a breather in July with sales flat from year-ago levels and declining from the previous month, according to a new market report by Coldwell Banker Residential Brokerage, the region’s leading provider of luxury real estate services.

A total of 54 homes sold for more than $1 million in Marin County last month compared with 55 homes in July 2010. Sales were off sharply from the 80 homes sold in June, which represented the most million-dollar deals in Marin for any month in nearly three years.

The median sale price of a million-dollar home in Marin stood at $1,527,500 last month, up 2.3 percent from June but down 4.5 percent from a year ago, when the median was $1.6 million.

Other metrics also showed a fairly flat market year-over-year for Marin County: Homes sold in an average of 84 days compared to 81 days last year. And sellers received 96.2 percent of their asking price on average compared to 96.7 percent in July 2010. However, the number of multi-million-dollar sales dropped from 17 to 11 year over year.

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

“Like the overall market, the luxury segment of the Marin housing market took a step back in July after a robust June,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “It’s hard to put your finger on any single reason, but continued uncertainty over the economy and the geo-political events taking place, both in Washington and overseas, probably played a role. High-end buyers appeared to be sitting on the sidelines last month waiting for things to get sorted out.”

Turley said the same softness in Marin was seen throughout the Bay Area in July. According to DataQuick, the La Jolla-based information service company, 6,887 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 13.9 percent from 7,998 in June and up 1.7 percent from 6,773 in July 2010.

Last month's sales fell harder in the higher price ranges, DataQuick noted. The number of $500,000-plus homes sold dropped 25.4 percent month-to-month and 19.2 percent year-over-year, analysts said.

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, four-bath 4500-square foot home in Belvedere that sold for $5,275,000;

- Mill Valley boasted the most million-dollar sales with 13, followed by Tiburon with eight, San Rafael with six and Belvedere with five;

- Sellers received on average 96.2 percent of their asking price, down from 97 percent the previous month and 96.7 percent a year ago;

- Homes closing last month stayed on the market an average of 84 days, up from 69 days the previous month and 81 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. 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.

###