Belvedere Added 2 ½ Months Housing Supply in the Past Week
March 17, 2010
What's going on in Belvedere lately? This small exclusive Marin County enclave has some of the most expensive homes in Marin County. Last year a total of 23 homes were sold according to BARIES Marin MLS. In the past seven days five new listings have been added which brings the total to 28, four of which are in escrow. This means there is over a year of housing inventory on the market.
The price of these listing ranges from $1,795,000 to $28,850,000. While there are not currently any foreclosures on the market there is a $7,500,000 Short Sale. A Short Sale means there is more money owed than the house is worth including the sellers closing cost. This is the only Short Sale in Marin over $3,000,000.
Over the past couple of years the low end of the market has taken a big hit on prices while the high-end homes have not had nearly as significant a decline.
The price of homes is subject to supply vs. demand and if we continue to see new listing without corresponding sales my guess is the selling price will take a dip.