May 2023 Marin Insight

San Francisco Bay Area Luxury Home Market

Spring 2023 Report

This report will generally look at Bay Area home markets of $5 million+, or, depending on the analysis, at large, higher-price homes of 4000+ square feet. Generally speaking, luxury home sales soared from spring 2020, when the pandemic hit, through spring 2022 (the “pandemic boom”). Economic changes then caused the market to cool rapidly in the 2nd half. In early 2023, buyer demand began to rebound and sales to climb again. On a year-over-year basis, sales are still running far below levels seen last spring at the peak of the pandemic boom, but somewhat higher than before the pandemic. Activity continues to accelerate as we get deeper into the spring selling season.

In more affordable price segments, the number of new listings coming on market has generally dropped considerably since large interest rate increases began in early 2022 – this is mostly ascribed to the “mortgage lock-in effect” – but the number of new $5m+ listings in April 2023 was slightly higher year-over-year. Over 540 Bay Area $5m+ homes are now posted to MLS (plus others marketed off-MLS): About a 7 month supply of inventory at the current rate of sale. This substantially changes supply and demand dynamics, with buyers having a much greater choice of listings than in other price segments. For sellers, this means correct pricing is critical.

Within the inner Bay Area, activity in the luxury market typically climbs rapidly through spring, slows in summer, spikes back up in fall (usually with a large surge of new listings in September), and then plunges for the mid-winter holidays. But counties with large second-home markets, such as Napa and Sonoma, can see activity peak in summer with gradual declines thereafter.

What constitutes a “luxury” home is, of course, a matter of opinion, and factoring in the large differences in values by location, varies widely across the Bay Area. What one gets for however many millions of dollars in any specific city, town or neighborhood varies enormously, and in some locations, $5 million will purchase a huge, immaculate mansion on a 10+ acre estate; in others, a “fixer-upper.” In some Bay Area counties, the threshold for “luxury” home prices could easily be set at $3,000,000 or lower. In real estate and especially in the market for very special very expensive homes and estates the devil is always in the details.

Statistics are very general indicators and how they apply to any particular property is unknown without a specific comparative market analysis. Data from sources deemed reliable but may contain errors and subject to revision. All numbers are approximate.

Current Active Listings per Town

BELVEDERE

CORTE MADERA

FAIRFAX

GREENBRAE

KENTFIELD

LARKSPUR

MILL VALLEY

MUIR BEACH

NOVATO

ROSS

SAN ANSELMO

SAN RAFAEL

SAUSALITO

STINSON BEACH

TIBURON

OFF MARKET!

Homestead Valley

203 Princess Lane

5 BD   3.5 BA   2933 SF   $3,400,000

Nestled on a quiet cul de sac in coveted Homestead Valley, this exceptional home boasts 5 bedrooms, including two spacious Primary Suites, and a wonderful indoor/outdoor flow offering many opportunities to take advantage of the sought-after California lifestyle.

Thoughtfully expanded and renovated with the finest of finishes and custom details throughout with a terrific family-friendly floorplan, pride of ownership is apparent from the minute one walks through the door.

SOLD

Tamalpais Valley

891 Marin Drive

5 BD   4.5 BA   4185 SF   $3,795,000

Sold for $4,350,000
15% over asking!

Built in 2002, this classic brown shingle is located on estate-like grounds and embodies the finest quality craftsmanship and floor plan for family living, with approx. 4,185 sq ft of living space, around a half acre of mostly flat useable land, and impeccable high-end details throughout...

Downtown Mill Valley

41 Buena Vista Avenue

4 BD   2.5 BA   3283 SF   $3,995,000

Sold at $4,055,000!
1.5% above the asking!

Built in 1908, this one-of-a-kind stately brown shingle home has been tastefully remodeled and combines traditional appointments of the era, featuring gorgeous moldings, high ceilings, double hung windows, heavy pocket doors, hardwood floors, window seats, and gorgeous built-ins throughout!..

downtown Mill Valley

91 Sunnyside Ave

4 BD   3 BA   6251 Lot SF  $3,800,000

Sold at $4,175,000!
9.9% above the asking!

This stately shingle home boasts enormous curb appeal!!
Beautiful vintage architecture and character, with tasteful modern updates throughout...

PENDING!

Novato

648 Peach Street

3 BD   1.5 BA   1630 SF   $895,000

Single-level property with fantastic privacy on a great lot with views of surrounding hills, cul-de-sac location.

Please see my website for a 
comprehensive list of sales

Visit Page

Sharon Kramlich

DRE #: 01184449
M: 415.609.4473
sharonkramlich.com
sharon.kramlich@compass.com

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.