Marin High End Real Estate Update
As 2009 winds down, Marin real estate is heating up. Single family homes listed under $1 million that are priced well are flying off the shelves. However, folks looking to purchase high-end homes in Marin, priced over $1 million, can still take advantage of a buyer's market most of the time.
That said, the median price of luxury real estate in Marin is up 9% for November 2009 versus November 2008. And the median price of high-end homes sold year-over-year is up 5%, from $1,450,000 to $1,525,000. There were 44% more properties in this price range sold in November this year, and 128% more homes in contract.
To look at the luxury real estate market in Marin from a supply/demand point of view, there were 6% fewer homes for sale, and 44% more sold in November this year, putting a strain on supply. There is a 6-month supply of single family homes over $1 million November 2009, where as in November 2008 there was a 17-month supply of homes in this price range. In summary, the higher the price of the home, the more negotiating power buyers have these days.
For more information on buying or selling a home in Marin, contact Jonathan B. Jacobs for high end real estate representation.