Luxury home sales in Marin County fell 15 percent last month, the third straight year-over-year decline, and the median sale price eased as well, according to a new report by Coldwell Banker Residential Brokerage.
The figures are based on Multiple Listing Service data of all homes sold for more than $1.5 million last month in Marin County.
Luxury home sales were down 15 percent in September compared to September 2015 with 45 high-end home sales, down from 53 sales last year. Sales also declined from the August total of 54 units, although some of the drop was due to normal seasonal adjustments.
The upper end of the luxury market was particularly soft last month with 20 sales over $2 million compared to 32 a year ago, and just four sales over $3 million, down from 15 at that level last September.
Meanwhile, the median sale price of a Marin County luxury home fell 12.8 percent in September from a year ago, dropping to $1,875,000, compared to $2.15 million in September 2015.
“Marin County’s luxury market continues to show signs of cooling off from the red-hot seller’s market we saw earlier in the year,” said Mike James, president of Coldwell Banker Residential Brokerage.
“This may be a normal, healthy rebalancing of the market as we move through the fall home buying season,” he continued. “Inventory levels are gradually increasing in some communities, but overall they are still below normal for this time of year. Some sellers – and perhaps some buyers – may be holding off until after the first of the year to jump back into the market.”
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, five-bath approximately 4,00-square-foot home in Belvedere that sold for $5 million;
- Mill Valley boasted the most luxury sales last month with 15, followed by Tiburon with nine, and Belvedere with five;
- Homes sold in an average of 67 days on the market, down from 82 days a year ago but up from 52 days the previous month;
- Sellers received an average of 99 percent of their asking price, down from 102 percent a year ago but up from 98 percent 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, Coldwell Banker is recognized around the world for its expertise in the luxury housing market.