Marin County Luxury Home Sales Jump in February, Coldwell Banker Residential Brokerage Reports

Mill Valley, CA, March 29, 2012 --( Luxury home sales in Marin County jumped in February from both the previous month and a year ago as the high-end market continued to gain momentum, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area's leading provider of luxury real estate services.

A total of 44 properties sold for more than $1 million last month, up sharply from 29 transactions a year ago and 33 the previous month. The number of $2 million-plus sales also rose in February to 11 transactions from seven a year ago, although the number was slightly off from January's 12 multi-million-dollar sales.

Meanwhile, the median sale price for a luxury home in Marin County did ease to $1,322,750, down 4.1 percent from last year and 14 percent from the January median price.

Other market indicators were positive. Homes sold in an average of 143 days on the market, down from 205 days a year ago and 150 days the previous month. And sellers received 95.9 percent of their list price on average last month, up from 93.1 percent last year.

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

“The luxury market in Marin County is showing no signs of slowing down as we head into the spring home buying season," said Rick Turley, President of Coldwell Banker Residential Brokerage. "There are a number of forces driving demand, including a robust stock market, an improving economy and consumer confidence, and the strength of the tech sector here in the Bay Area."

Turley noted that local companies have added a number of highly compensated engineers and other knowledge workers, many of whom have relocated to the Bay Area and have been looking for a home. Additionally, recent initial public offerings have created a slew of newly minted millionaires also looking to invest in high-end properties.

“With the spate of tech, biotech and social media IPOs over the past year or so, along with the upcoming Facebook IPO, the demand for upper-end housing is only getting stronger," he said. "For sellers, there couldn't be a better time to think about listing their home. Clearly, the scales of supply and demand are tipping back in their favor.”

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

* The most expensive sale in Marin County was a four-bedroom, four-bath 3,400-square-foot home in Belvedere that sold for $5.5 million;

* Tiburon and Mill Valley boasted the most million-dollar sales with eight each, followed by Larkspur with seven and Belvedere with six;

* Homes sold in 143 days on average, down from 150 days the previous month and 205 days a year ago;

* Sellers on average received 95.9 percent of their asking price compared to 94.3 percent the previous month and 93.1 percent 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.

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 62 office locations and more than 3,600 sales associates throughout Northern California. Last year the company handled 13.5% of all dollar volume sold in Northern California, more than double its nearest competitor. Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT has 750 offices and 45,000 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 #01908304.
Coldwell Banker Residential Brokerage
Stephen Maita