Marin County real estate is in high demand and inventory in Marin is still the buyer’s greatest challenge.
Last week the historic estate Locksley Hall in Belvedere with over 9000 Sq Ft in living space sold for $47.5 million breaking all records of previous sales. According to Curbed SF, that’s $22 million over any previous home sold in Marin County and over $12 million more than the highest sale in San Francisco.
(Locksley Hall’s listing photos)
The property originally built in 1985 underwent a monumental renovation in late 1990s which lasted about 10 years. The property provides not only the best amenities one could ask for but also a panoramic view of the bay and San Francisco.
The Belvedere real estate witnessed a total of five properties sold in the month of July which is notable compared with none in the previous month. The prices ranged from $2,450,000 to $7,900,000 with an average day on the market of only 28 days. However the recent sale of $47.5 million in the month of August has surely captured the headlines.
The current inventory level in Marin County is only about 1.4 months of inventory based on closed sales; 3-6 months would be considered a normal market. This means that homes that are priced within 5% of market value are moving at a brisk pace and on average homes are closing in 39 days. Houses that appeal to a larger buyer pool and have some of the more sought after features such as flat yard, close to town, and newly constructed or remodeled in a staged or turn-key condition are generally going into contract within the first 1-2 weeks.