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Marin Luxury Real Estate Update as of May 10, 2008
It is Saturday May , 10, 2008 and the weather is warm and beautiful here in Mill Valley. Tomorrow is Mothers Day and I hope everyone has a wonderful time in celebration of our wonderful Mothers.
I thought I would spend some time on the Luxury End of the Marin County market. It is interesting and a phenomenon versus
the rest of the State and the Country. Marin's Luxury properties are still strong.
My outlook remains strong for Marin in the high end category. There are many more buyers than sellers in these price categories and as you can see from the statistics even though number of units sold are don the average and median price are not fluctuating the same as prices of homes at $1 Million or less.
As a point of reference for the first quarter 2008 versus 2007 for homes sold $1,000,000 and below Volume was down 43%, Average price was down 4%, Median price was down 4% and the number of units sold was down a whopping 43%. This gives you some pause and tells the accurate story that the lower end buyers and sellers are having trouble moving there homes as the number of qualified buyers are reduced as well as home prices in this category have moved down. Marin county is not completely immune to the mortgage issues surrounding the banking industry.
As always the Marin Report will be able to give you drill down details on the average and median price of a home in every city in Marin. In addition if you go to the home page of www.Westbayre.com you will be able to get all the details on the San Francisco and the Sonoma county markets. It is a great deal of work to keep these statistics up to date but it is one of the best ways to determine the state of the market and some indication of its direction.
Here are some numbers in Marin for the first quarter:
| Single Family homes in Marin from $1,000,000-$3,000,000 |
| Description |
Jan-March 2007 |
Jan-March 2008 |
Percent change |
| Dollars Sold |
$295,924,000 |
$183,692,000 |
-37.9% |
| Units Sold |
189 |
114 |
-39.7% |
| Average Price |
$1,565,700 |
$1,611,300 |
+2.91% |
| Median Price |
$1,375,000 |
$1,437,500 |
+4.55% |
Average Days
on Market |
71 |
87 |
+22% |
| Single Family homes in Marin from $3,000,000 and Greater |
| Description |
Jan-March 2007 |
Jan-March 2008 |
Percent change |
| Dollars Sold |
$101,800,000 |
$79,186,000 |
-22.2% |
| Units Sold |
19 |
16 |
-15.8% |
| Average Price |
$5,357,000 |
$4,950,000 |
-7.6% |
| Median Price |
$3,950,000 |
$3,800,000 |
-3.8% |
| Average Days on Market |
287 |
106 |
-22.1% |
.Of course feel free to call or drop me a line at rparks@visionrealtors.com or
call me at 415-297-9000.
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