Marin luxury home sales, prices drop in November

Luxury home sales in Marin County last month fell 15 percent in volume and nearly 7 percent in median price, according to a new report.

There were 39 sales of homes for more than $1.5 million in November, down from the 45 high-end transactions in November 2015, based on a monthly analysis of Multiple Listings Service data by Coldwell Banker Residential Brokerage, which has 10 Marin offices.

“The Marin County luxury market softened in November after a very strong October, but we expect more closings to come this month as buyers and sellers rush to close before year-end,” said Mike James, president of the Walnut Creek-based brokerage. “Inventory is still in short supply but there are signs that more could be coming on the market early next year. We're hoping that's the case but only time will tell.”

Sales last month also were off sharply from 73 in October. Some of the drop usually happens that time of year, according to the report.

The upper end of the luxury market also took a hit over the past 12 months. There were 21 $2 million-plus sales in November, down from 27, and seven sales over $3 million, down from 13.

PRICING SLIPS

Meanwhile, the Marin median luxury sale price fell 6.6 percent in November from a year ago, dropping to $2.05 million from $2.195 million in November 2015.

Last month's median sale price was also down from that of October.

REPORT HIGHLIGHTS

Here are key findings from the Marin County Luxury Home Report:

? The most expensive sale in Marin County last month was a five-bedroom, five-bathroom, 5,700-square-foot home in Mill Valley. It sold for $5,374,500.

? Mill Valley boasted the most luxury sales last month, seven, followed by Tiburon with five.

? Homes sold in an average of 88 days on the market, up from 69 days a year before and 64 days in October.

? Sellers received an average of 98 percent of their asking prices, down from all of what they were seeking a hear before and in October.

Coldwell Banker Residential Brokerage, part of NRT LLC, is the largest residential real estate brokerage in Northern California. It has 57 officess and more than 3,900 affiliated sales associates serving markets from Monterey to Tahoe.