Luxury property sales in Marin County held steady in January, while the median sales price rose from a year ago, according to a new report by Coldwell Banker Residential Brokerage.
There were 23 sales of residential properties priced $1.5 million and higher in January, which is up slightly from 22 sales in January 2016 but 39.5 percent below the 38 sales recorded in December 2016. The data is based on sales of single-family homes, condominiums, and townhouses recorded in Marin County by the Multiple Listing Service.
While sales were virtually unchanged year-over-year, the median price for luxury homes sold in January reached $1,930,000, which represents a 22.5 percent increase from $1,887,500 during the same month last year. January’s median sales price was also 37.3 percent higher than the $1,860,600 median sales price posted the prior month, December 2016.
“While luxury property sales in Marin County were virtually unchanged in January compared to last year, the median sales price increased significantly suggesting solid demand from homebuyers,” said Mike James, president of Coldwell Banker Residential Brokerage. “Higher-end properties were also selling at a faster pace in January, another signal that buyers see value in owning a luxury property in the region.”
Eleven of January’s luxury home sales were priced higher than $2 million, up from eight a year ago and down from 17 in December 2016. There were five sales at more than $3 million, compared to three sales a year ago and down from six sales recorded in December 2016.
Below are some additional findings from the January Coldwell Banker Residential Brokerage luxury report:
- The most expensive home to sell in Marin County in January was a 3,800-square-foot home with four bedrooms and four bathrooms in Tiburon that went for $5.75 million
- Tiburon had the most $2 million-plus property sales during the month (8), followed very closely by Mill Valley (7)
- High-end homes sold more quickly, taking an average of 92 days to sell in January, down from an average of 113 days during the same month a year earlier
- Sellers received an average of 92 percent of their asking price compared to 93 percent a year earlier
The Marin County Luxury Home Report is a monthly report produced by Coldwell Banker Residential Brokerage, which specializes in high-end real estate sales.
Coldwell Banker Residential Brokerage has nine branch offices throughout Marin County to serve homebuyers and sellers.