Is it time to buy on the dip?
The luxury housing market in Marin County saw a drop in sales and prices during the month of December compared to a year earlier, according to a new report by Coldwell Banker Residential Brokerage.
A total of 38 homes priced $1.5 million and higher were sold, down 30.9 percent from the 55 sales recorded in December 2015. But the sales total was about the same as the 39 sales recorded in November. The data is based on sales transactions recorded in Marin County by the Multiple Listing Service.
The median selling price for a luxury residential property last month fell to $1,860,600, which is off $164,400, or 8 percent, from the $2,025,000 median price a year ago, and a 9 percent decline from the $2,050,000 median price in November.
The decline was felt throughout the various sectors of the high-end market. Of the month’s luxury home sales, 17 were of homes priced $2 million and higher compared to 29 a year ago and 21 sales in November. There were six sales at $3 million and higher, down from 10 the prior year and 11 in November.
“There was a slowdown in sales activity in the luxury market toward the end of the year, but it came after strong sales and price gains for much of 2016,” said Mike James, president of Coldwell Banker Residential Brokerage. “Luxury homes continue to sell at a relatively robust pace – under three months in December. We continue to be challenged by limited inventory for buyers to choose from, so it will be interesting to see how this all plays out in the new year.”
Below are some additional findings from the December Coldwell Banker Residential Brokerage luxury report:
- High-end homes were spending on average less time on the market, with the average days on market declining to 74 in December versus 81 days the prior year
- Sellers received an average of 96 percent of their asking price compared to 97 percent a year earlier
- Kentfield had the most expensive home sale in December, a 6,200-square-foot property with five bedrooms and five baths that fetched $6,375,000, which was over the list price of $6.3 million.
- With nine sales, Mill Valley led with the most luxury sales during the month, followed by Ross with five and San Rafael, which had four sales.
The Marin County Luxury Home Report is a monthly report produced by Coldwell Banker Residential Brokerage, which specializes 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.