Will Marin High-end Homes Be Affected By The Economy?
The financial woes of the real estate market have finally affected high-end homes in Marin County. In comparing data from the last six months to the six months prior to that, there are some interesting numbers when looking at properties priced over $3 million.
What Is happening in the High-end Real Estate Market?
Sales volume dropped by more than 50% during the last six months. Only 19 homes sold in the Marin luxury property market during this time, as opposed to 48 of these high-end homes selling in the six months prior to that. Of course, some of this drop-off can be attributed to normal seasonality. But, a more signficant influence is credit tightening and trouble in the financial markets.
How Are Prices of Marin High-end Homes Holding Up?
But what is interesting is that the average sale price went up for high-end real estate during this time frame. The average sale price went up from $4,582,477 to $5,426,737 over the last six months. So why the increase? Well, high-end homes have always held there value in Marin due to their location, views, size, school districts, etc. However, if you look closely at the numbers, there was a slice of Belvedere real estate sold for $19,000,000 that got factored in with a smaller number of sales, helping to pull the average sale price up over the last six months compared to the six months prior.
Contact Jonathan B. Jacobs for High End Real Estate Representation.