Comparing two price ranges of homes on multiple listing service (MLS) generates some interesting observations about pricing and time on market. Just for fun look at homes priced between $400,000 to $500,000 and between $1,000,000 to $2,000,000. 

In the lower price range ($400 – $500,000) there are currently 26 homes on the market, ten of which (roughly 40%) are in escrow. This category of homes has an average listing time of 114 days (the homes that have sold in the last six months averaged 90 days on the market). So we are seeing an expected (summer, no tax credits) slowing of the market. Maybe you have other thoughts? Would love to hear them.

Of the ten homes in escrow, two are awaiting moving vans with fully completed contracts. The square footage cost on the listings is $360 vs $341 for the homes that have sold. Pretty tight pricing, eg., not a lot of give in selling prices.

In the price range of $1M to $2M there are 46 homes in escrow, of which five are in escrow (10%), one simply awaiting a moving van. There have been 35 sales in the past six months, average price per square foot $100 more than the lower priced homes at $445. Interestingly, the homes that sold also did so quicker than the homes now on the market …. average listing time of 77 days. Trend? Explanation? Ideas? You have a home to sell, let’s talk this out.

My favorite amongst the sales was 27 Chappel Cove, a four bedroom, one story home (sold at $421 per square foot) after five months by Shana Rhode-Lynch of Frank Howard Allen in Greenbrae. This home sold for $1.6 in January ’05.

Of the homes on the market in this price range I favor Tom Benoit’s six bedroom, one level listing at 310 Pt San Pedro Road, a bank owned home that was listed in ’08 for just under $3M and is now offered at just under $2M … after extensive work was done (new kitchen cabinets, paint, etc.) This home has no buyer, yet. Interested in a deep water boat dock? Check 310 Pt San Pedro Road out by switching to the home search button at www.tomverkozen.com. I would love to hear from you how useful this blog information is for you.

What would be most helpful to you? What part of the real estate world would you like to know more about? Fixer uppers? Bank owned? Short Sales? Tiburon? Novato? West Marin? I’m game to go there … family compounds? Loan modifications?

And thank you to Lori for the catch … a typo that got changed, quickly.

Posted by:  Tom Verkozen