Marin County Luxury Home Sales On the Rise

Marin County’s luxury home market continued to gain strength in February as sales increased in both month-to-month and year-to-year terms, according to a report from Coldwell Banker. The report showed a total of 44 homes sold in Marin County at a price of $1 million or more last month, compared to just 33 in January at that price level and only 29 in February 2011. The number of homes sold for $2 million or more, meanwhile, rose from seven in January to eleven last month, although that figure was one less than the twelve $2 million homes sold in February 2011.

Despite the surge in sales of higher-end properties last month, the median sales price for all homes sold actually fell 14 percent from January to February to just over $1.3 million. The median was also down 1.4 percent in year-over-year terms, as foreclosures continue to weigh on prices across the housing market. On the bright side, homes are generally selling more quickly, as the average time homes sat on the market before selling fell from 205 years ago in February 2011 to 143 days last month. That figure was also slightly below the 150 day average from January.

In addition, home sellers received an average of 95.9 percent of their asking price last month, compared to just over 93 percent in February a year ago. The biggest sale in Marin County last month was a 3,400 square foot, 4 bedroom home in Belvedere sold for $5.5 million.

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