Some towns are hot, others not. Here in the lusty town of Corte Madera homes are selling and inventory is down to a five month supply (27 homes available). In the last twelve months 69 of the tightly-priced homes have sold … blame the sales on the schools and the competition.

Tightly-priced is my personal term of art since the price per square foot asked on the sales was $544 and the homes sold at $530 …. with an average sales price of $994,841. The least expensive home was 57 Summit, which sold to a developer for $350,000 last year and this year for $410,000 to someone who is going to live and repair …. here’s wishing them good luck.

The most expensive home was a five bedroom 5066 square foot home 659 Chapman, which sold in April ’08 for $3,766,667 and this year started asking $3.6M, reduced to $3.2M, where it sold after 113 days on the market.

Right now there are 27 homes available, average price per square foot of $524, days on market at 98. There are another sixteen in escrow (approximately 40%), three anticipating moving vans (all contingencies have been removed on 9 Echo, 10 Mohawk and 8 Alta Way). The average asking price of those homes in escrow is $100,000 less than the average sales price over the last year … which I take to say that buyers are buying in the lower price ranges, there are no $3.2M homes in escrow, and prices are relatively firm.

If you’re thinking schools, recreation, proximity to 101 and home values, Corte Madera is a great place to live. If you are, CALL ME.

Posted by:  Tom Verkozen