Mill Valley Homes & Real Estate (August 2008)

August 17, 2008

As our Summer selling season wears on, Mill Valley’s real estate market has sustained itself nicely. Across the board, this year has simply seen less inventory than the past few years as sellers have decided to wait for the real estate market to improve (although sales in Mill Valley are strong despite the media characterizations).
 
Home sales are strong because everyone loves Mill Valley. And here are a couple of reasons why: (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay and Mt. Tam, (3) excellent schools, (4) pleasant weather, (4) a mellow, laid back ambiance, (5) a town square unlike any other in Marin (you have to go to the town of Sonoma for anything like it), (6) diverse social events (think Mill Valley Film Festival), (7) lots of good restaurants, (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds, and (9) virtually unlimited access to nature. 
 
This is not news to anyone who follows my monthly reports. Mill Valley is simply one of the most desirable communities in Marin and its sales and prices reflect that fact.

Predictably and in line with June 2008, 53% of homes priced under $800,000 and 18% of homes between $1 million and $1.5 million are in escrow. Mill Valley’s inventory of single family homes for sale is about 102 homes currently on the market (there were 107 in July 2008). Mill Valley homes that sold during the past month averaged 56 days on the market and sold for an average price of about $1.726 million (about $724 per square foot), and averaged about 2,348 square feet.  

Price Range

Total Active Homes

Pending Listings

Up to $800K

6 (no change)

53%

$800K – $1 mil.

17 (up 2)

22%

$1 mil. – 1.5 mil.

40 (down 3)

18%

$1.5 mil. – $2 mil.

19 (no change)

9%

$2 mil. – $4 mil.

17 (down 4)

23%

$4 mil. & Up

3 (up 1) 

0% 

 
Homes in Boyle Park, Middle Ridge, Homestead Valley and Cascade Canyon continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at Kyle@NorthBayRE.com.

Marin Real Estate Trends (August 2008)

August 15, 2008

Besides having good air (the best in the country, in fact), excellent schools (click HERE for last month’s Forbes article discussing Marin Schools), a relatively short commute (even the Novato commute to San Francisco will soon be improved further when the HWY 101 widening project is completed in December), lots of dedicated open space, beaches, hiking trails, proximity to Lake Tahoe, and everything else we sometimes take for granted living here, we can also be pleased that we don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets).

We currently have 748 active listings (down from 772 in July 2008). While Summer is traditionally slower for home sales, buyers continue visiting open houses en mass. Reports of multiple offers continue, especially for aggressively priced Southern Marin homes in good locations and bank owned properties in Novato. 

 

[…click here for the rest of the report courtesy of NorthBayRE.com.]

Marin Luxury Homes (August 2008)

August 15, 2008

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California fell over the past to 106, compared to 122 homes in July 2008. This time of year is the typical slow season as sellers recalculate their positions, buyers are out of the County on vacations, etc., and a number of agents doze off, waiting for things to pick back up in the Autumn. Indeed, the lower inventory was accompanied by a respectable month of sales with 20 homes sold in July 2008. 

Mill Valley led the way with the most luxury home sales (4 of these homes sold). Tiburon and Larkspur followed with 3 homes sold and Kentfield and San Rafael had 2 sales each. Ross, San Anselmo, and Corte Madera had 1 sale each. The average days on market for homes that sold was a mere 70 days (14 days more than in June) and the average sales price was $2.576 million (roughly $907/per sq. ft.), with an average of 3,083 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also fell–we now have just 46 active listings, compared with 54 last month

 [ … click here for the complete report courtesy of NorthBayRE.com].