Prices for high-end luxury homes continue to rise. A recent survey by First Republic Bank shows that prices in the Bay Area edged up by 1.5% in the last 3 quarters of 2006, as compared with the same period in 2005. The average price of homes in First Republic's survey was $2.92 million. The upward movement of price in that market segment can be attributed to low inventory in the $2 million to $4 million dollar market. The survey also noted, however, that prices slipped by 1.5% from the third quarter of 2006.
In Marin, 28 homes have sold this year in the $2 million-$4 million range with an average sales price of $2.56 million and an average listing period of 98 days. There are 96 luxury homes currently on the market in this price range, 24 of which are in escrow. Finally, 3 homes in Marin have sold so far this year in the over $4 million price range and another 36 remain on the market (including 2 that are currently in escrow).
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