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

July 18, 2009

The Mill Valley real estate market remains predictably unpredictable — after logging 17 sales in May 2009, we had a robust 29 sales in June 2009. Typically, sales slow down as Summer begins and families focus more on vacations and outside activities. That slowdown will be reflected in July sales numbers. Nonetheless, there is serious value in Mill Valley right here, right now. This is true for every price band. 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 chart tracks asking prices and shows that since November 2007 prices have slid from about $740 per square foot to about $615. As I have noted in market updates relating to other towns in Marin, asking prices have flattened out over the past 6 weeks. It will be interesting to see if this is a leading indicator of increased sales prices that carries into the Fall.

Based on last month’s sales total of 29, we currently have an overall inventory of homes sufficient to last a bit more than 4.6 months. This a HUGE reduction from the absorption rate the month before, which stood at well over 8 months. Indeed, along with the larger number of sales, lots of inventory was removed from the market for the Summer and the number of homes for sale dropped to 134.

Most activity in Mill Valley is occurring in the sub $1 million price bands, which can be characterized as neutral markets, favoring neither buyers nor sellers. The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is hovering at a low 14% (about the same as last month). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) saw some meaningful activity with 4 sales last month (including an off market sale for $5 million) and another 3 currently in escrow.

Price Range

Total Active Homes

Pending Listings

Up to $800K

15 (down 4)

32%

$800K – $1 mil.

21 (down 5)

38%

$1 mil. – 1.5 mil.

39 (down 3)

15%

$1.5 mil. – $2 mil.

18 (down 2)

14%

$2 mil. – $4 mil.

29 (down 1)

3%

$4 mil. & Up

4 (down 1)

0%

Mill Valley’s 29 sales from June 2009 gave rise to the following averages: 98 days on the market; an average price of $1.47 million; and about 2,485 sq. ft. (or about $595 per sq. ft.). Homes in Scott Valley, Sycamore Park, Boyle Park, Country Club, Homestead Valley, 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.

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.

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 $699,000 (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.