The Marin luxury home market is very much alive and well and the outlook for the year is excellent. There are currently 286 homes on the market in Marin over $1 million at a median price of $1.795, of which 50 are already in escrow and 9 have closed. In the over $2million range there are 116 homes at a median price of $3.82 million and 15 of those are in escrow and 5 have already closed. The median price has remained constant since last year at the same time when it jumped 25% from 2009.
What we are seeing is more well qualified buyers looking for luxury homes now that prices have come down and they realize the long term upside of a luxury home in Marin is incredible. Although financing is available and interest rates are the lowest they've been in years, we are seeing many deals where the buyer is paying cash. We see them cashing in stocks or digging into savings and investing in a home where the quality of live is the best in the Bay area, all things being considered - schools, commute, weather, safety, limited inventory, and unbeatable outdoor activities. They also see it as a very sound investment.
We expect an increase in inventory in all price ranges come Spring, especially with the banks trying to unload some of what they are holding the majority of which is under $1 million. In the luxury market we expect a big jump as well because sellers realize that prices are not going back up for a few years, some are rattling around in a huge home which makes no sense now, and they want to put on that buyers hat so they can take advantage of current prices and rates. We belong to networks of the top agents in the county and the requests we see is for homes not on the market yet. Everyone seems to have a luxury home buyer that have seen everything on the market and can't find what they are looking for and agents have these "pocket listings" and are selling homes them without even putting them officially in the m.l.s. This pent up demand is something we have not see in past years and it is exciting!
If you are a seller or buyer for a luxury home and have searched on our website marinrealestate.net and want to see more, we can send you a list of some others. Bottom line is that it has never been a better time to get into the luxury market in Marin