Mill Valley, CA, June 22, 2012 --(PR.com
)-- Marin County's luxury housing market turned in a stellar month in May as high-end property sales soared 28 percent from the same month a year ago, according to a new report by Coldwell Banker Residential Brokerage, the Bay Area's leading provider of luxury real estate services.
A total of 77 homes sold for more than $1 million in May, up from just 60 in May 2011 and also up from 71 transactions the prior month, an 8 percent jump. Last month was the highest level since last June.
The upper end of the luxury market enjoyed a robust May as well with 24 sales in excess of $2 million, up from 21 in April and 18 a year ago.
While sales were spiking, the median sale price for a luxury home was flat at $1.6 million, exactly the same as May 2011 and off fractionally from the $1,630,000 median recorded in April of this year.
The figures were derived from Multiple Listing Service data of all homes that sold for more than $1 million last month in Marin County.
“Marin County is showing all of the signs of a classic seller's market with strong buyer demand, a severe shortage of home listings to choose from, and multiple offers on many properties," said Rick Turley, President of Coldwell Banker Residential Brokerage. "With inventory levels remaining near record lows, I suspect we'll continue to see this scenario play out, at least for the near term."
In many areas, inventory is down 30-50 percent from just a year ago, leaving the scales of supply and demand tipped in favor of sellers. Multiple offers are becoming the norm in a number of communities and homes are often selling for more than the asking price.
Some key findings from this month’s Coldwell Banker Residential Brokerage luxury report:
* The most expensive sale in Marin County last month was a six-bedroom, seven-bath 7,000-square-foot home in Ross that sold for $11.5 million;
* Mill Valley boasted the most luxury sales with 15, followed by Tiburon with 10, San Anselmo with eight, Greenbrae with seven and Kentfield with six;
* Homes sold in an average of 100 days compared to 96 days a year ago and 78 days the previous month;
* Sellers on average received 97.6 percent of their asking price compared to 98.4 percent the previous month and 95.1 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 www.CaliforniaMoves.com or call 925.275.3085. DRE #01908304.