Tiburon, CA

As of September 11, 2009 only a mere 9% of available listings in Tiburon are in escrow.

For the month of August 2009 only 8 homes sold in Tiburon, for an average final selling price of $1,310,625.

The average original asking price of these homes was $1,500,273.

The range of final selling prices was from a low of $645,000 to a high of $2,575,000.

Of the 8 homes that sold (2 of which were distress sales) 1 sold at the original asking price and 1 sold over the original asking price.

It took these homes an average of 119 days to sell.

To see everything that is currently available on our MLS click here.

To learn more about this area visit my website or contact me directly.

According to the Census: the population of Tiburon CA is 8,666 with 3,906 total housing units, 2.3 people per house, and a mean income of $202,100.

• Estimated average 2009 household income for Tiburon is $272,000
• ‘09 incomes imply Tiburon can support average home prices near $2m
• Current prices are hovering at $2m
• Our fair value estimate for average home prices is $2.3m
• 2004-2009 historical prices average $2.35m

Similar to Belvedere CA Real Estate, some high-end home sales in Tiburon are made by folkswhose current income is not key to their current homeownership, and historically has skewed prices higher than income affordability would suggest. Similar to the rest of Marin-the lack of high-end sales is dragging average prices down in Tiburon. The lower end of the market is a bit stronger-specifically $800k-$1.3m is warm right now with 23% of inventory in contract. Last, it is not clear that average prices in Tiburon will return to levels seen in the past unless the capital markets enable continued liquidity events for the Tiburon buyer pool, and taxes, income and demand remain in relative proximity to current levels.

Please refer to my website for more robust reporting www.thedupontgroup.net .

2009 Home Sales $1.850m +

Posted by David DuPont 415-867-6611

One way to evaluate how much farther prices will have to fall in Southern Marin County CA is to approximate average incomes in each town and to apply some basic financial planning concepts to determine what average prices should be.

Approximate 2009 Average Incomes:

• Incomes in Tiburon: $270,000
• Incomes in Mill Valley: $180,000
• Incomes in Sausalito: $167,000

Example: The average family living in Homes in Tiburon CA earns $271,500, pays $38,000 income tax, leaving them with $233,500. They spend 30% on mortgage interest, could afford a $70,000 annual mortgage (rate 5.5%), and a $1,274,500 mortgage. The average homeowner has 35% home equity, so Tiburon can sustain an average home value of $1,960,000.

The result shows that Tiburon home prices are very close to where they should be, and that homes in Mill Valley CA and Sausalito CA Real Estate prices are substantially below what those towns could support from a financial planning perspective. Please see my website for more information.

The Tiburon and Belvedere real estate market is showing signs of gathered traction despite ongoing concerns on Wall Street regarding consumer confidence and spending. There are currently 102 active listings in the 94920 zip code, which covers Tiburon and Belvedere (down from 120 last month). Nineteen of these properties are priced over $5 million — however, three are currently in escrow and we did see a sale close for $7.5 million in July. This activity is up sharply from the flatline base experienced in the first half of 2009. Meanwhile, there is also fairly strong activity in the lowest price band (under $2 million), which accounted for 9 sales in July 2009. Overall, we saw 13 homes close escrow in July, as compared with 7 sales in April and May 2009, and 10 in June 2009.

One interesting observation based on the below graph: not until March of this year did the median asking price for homes in Belvedere dip below that of 2008. Belvedere was the last Marin city to experience that shift (a full 6 months after Tiburon). Over the past several months however, that shift has become more exaggerated as prices begin reflecting market realities. Indeed, there are currently 2 homes for sale in Tiburon under $1 million and another home in Belvedere. Rarely do we see Belvedere homes hit the market under $1 million.

There are currently 28 active properties listed for sale under $2 million in Tiburon and Belvedere — 10 additional homes are in escrow. For homes that sold in July 2009, the average price per square foot was $765 — although this number is skewed somewhat by the makeup of the sales last month, it is very low number that has caused sellers a high level of concern. Below is a chart with up to date figures relating to the number of homes on the market in Tiburon and Belvedere, along with the number of homes currently in escrow. Note in the chart below, beyond the entry level price band, activity was fairly slow this past month. Numerous additional ultra-luxury homes were removed from the market — typical for this time of year, but perhaps also influenced by the low price per square foot number noted above.

Price Range	Total Active Properties	In Escrow
up to $2 million	28	26%
$2 million to $3 million	28	18%
$3 million to $5 million	28	10%
$5 million to $10 million	11	21%
$10 million and up	7	0%

Tiburon and Belvedere real estate that sold last month exhibited the following characteristics:

• Number of Sales: 13
• Average Days on Market: 136
• Price: $2.392 million
• Square Feet: 3,008
  
• Price per Square Foot: $765

If you have any other questions or would like a custom market analysis of your home’s current likely sales price, please call me at (415) 350-9440. My name is Kyle Frazier and I am a Certified Residential Specialist (CRS) and Broker Associate with Marin Counties finest real estate firm Morgan Lane Marin Real Estate. It is always my pleasure to be of service.

p.s. I know of several properties that are not being formally marketed on the MLS, so if you are looking to buy please call me to see if any of these may meet your needs. If you would like a copy of my Tiburon / Belvedere Hotlist, e-mail me at Kyle@ImagineMarin.com.

As of August 13, 2009 only 14% of available listings in Tiburon are in escrow.

For the month of July 2009 only 12 homes sold in Tiburon for an average final selling price of $1,827,117.

The average original asking price of these homes was $2,235,500.

The range of final selling prices was from a low of $350,000 to a high of $7,500,000.

Of the 12 homes that sold, all sold for less than their original asking price.

It took these homes an average of 147 days to sell.

To search our MLS and see everything that is currently available for sale, click here.

For more information about this area visit my website or feel free to contact me directly.