Mill Valley Real Estate Market Report (December 2008 Home Sales Update)

To avoid sounding like a Pollyanna, this month’s Mill Valley market report is brief and restrained; necessarily so–sales numbers are down in the wake of the September meltdown in the equity markets. Clearly, the Mill Valley real estate market favors buyers. The “undercover buyers” (e.g., financially stable people waiting for the “right time” to buy) are not writing offers despite the delicious variety of choices. Continuing a trend first noted in my September 2008 market report, the percentage of entry level homes in escrow is down to 15% (it was 53% in July 2008). Supply has dwindled to just 79 homes for sale in Mill Valley and just 8 “bread and butter” homes (those priced between $1 million to $2 million) are in escrow. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues hibernating–zero luxury homes are in escrow. Perhaps this is an excellent environment for portfolio buyers? Yet, the approaching holidays bring hope. And the New Year brings more hope.

Mill Valley homes that sold during November 2008 (there were 14) averaged 104 days on the market and sold for an average price of about $1.3 million. They averaged about 2,080 sq. ft. (or about $661 per sq. ft).

Homes in Boyle Park, Middle Ridge, Sycamore Park continue to be in low supply and high demand. If you would like more information about neighborhoods, sales, or local references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. It is always my pleasure to be of service.