Mill Valley CA. Real Estate Market Report (June 2009 Home Sales Update)

June 14, 2009

Readers of my monthly reports on Mill Valley, CA. are well aware of my love for Mill Valley. And what’s not to like? For starters: (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay, the Golden Gate Bridge (a short 5-10 minutes down HWY 101), 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 & The Dipsea Race), (7) lots of good restaurants, and (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds. Along with all this, there is serious value right here, right now. This is true for every price band in Mill Valley. Note to buyers: write offers! A closed mouth does not get fed. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com.

Real Estate Market Chart by Altos Research www.altosresearch.com

The above graph charts asking prices and shows that since November 2007 prices have slid from about $740 per square foot to about $610. While some buyers believe prices may slip a bit more, most understand that while interest rates have risen 70 basis points in the past 3 weeks, they are still very low and that mortgage math punishes those who don’t lock in at or near the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase dramatically for an $800K home with 20% down (call me for exact numbers relating to a given situation). 

Based on last month’s sales total of 17 (we had 14 sales in April), we currently have an overall inventory of homes (AR) sufficient to last a bit more than 8.35 months in Mill Valley, CA (down from 11 months last month). Overall, the number of homes for sale rose to 142 (way up from 90 in February 2009). The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is hovering at 12. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) remains feeble with 3 sales last month and another 3 currently in escrow. 

Price Range

Total Active Homes

Pending Listings

Up to $800K

19 (up 4)

27%

$800K – $1 mil.

26 (up 3)

28%

$1 mil. – 1.5 mil.

42 (up 1)

14%

$1.5 mil. – $2 mil.

20 (down 1)

20%

$2 mil. – $4 mil.

30 (up 1)

9%

$4 mil. & Up

5 (up 1) 

0% 

Mill Valley’s 17 sales from May 2009 gave rise to the following averages: 64 days on the market; an average price of $1.167 million; and about 2,183 sq. ft. (or about $528 per sq. ft.). Homes in Scott Valley, Sycamore Park, Boyle Park, Country Club, and Strawberry generated the most calls this month. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. 

p.s. I currently have several clients who want to be sellers, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. I also have a fixer listed in Homestead Valley that is a super value play, priced at $699,800 (3 Beds/3 Baths, 14,000 sq. ft. lot backing Molino Park). If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com. It is always my pleasure to be of service.