Mill Valley CA. Real Estate Market Report (April 2010 Home Sales Update)

April 19, 2010 by  

I have been chomping at the bit to write this monthly report as the market in Mill Valley is bursting with positive indicators. The number of homes sold in the Mill Valley, California real estate market rose nearly 50% over the prior month. Mill Valley’s touchstone price band ($1 million to $2 million) appears to be striding towards normalcy. Not only is seasonal inventory healthy (with more homes for sale than last year), but so too is the percentage of homes in escrow (see below — it is hard to believe!). With most economic indicators pointing towards recovery, the collective thinking among buyers is that now is as good a time as any to buy a home — whether it is a first home or a move-up home. Keep in mind that buyers in Mill Valley are not buying because of government tax credits (a storyline often told in the national press). These buyers, for the most part, are high earners excluded from such programs. These are simply people who have decided the time is right. It has been well over three years since I have heard buyers speak confidently about the market, secure in the fact that they are buying into a good overall market environment.

Mill Valley Solds

Our current overall inventory of homes is down 72 % from last year, resulting in a reduced absorption rate. 

Mill Valley Absorption Rate

The number of homes for sale in Mill Valley has increased as the Spring selling season is underway — we now have 144 homes on the market. Mill Valley’s entry level price bands (under $1,000,000) are as strong as we have seen them over the past couple of years. In fact, the number of homes in escrow has literally exploded as has sales velocity!

Mill Valley In Escrow

Mill Valley’s 23 sales in March 2010 gave rise to the following averages: 111 days on the market; an average price of $1,154,413; and about 1,826 sq. ft. (or about $640 per sq. ft.). Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month.

Later this month, 617 Springfield Way in Tam Valley will come to market. Priced at $85,000, this special home sits on ~1/3 acre at the end of  a serene cul de sac in a magnificent setting. It features 3 bedrooms and 2 baths upstairs, along with a large unit downstairs which would be perfect au pair quarters or rental it has rented out recently for ~$1,000/mo.

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 am also a founding member of the Marin Platinum Group (limited exclusively to the Top 100 agents in Marin) and have access to about 4 dozen homes not “officially” on the market but available for sale. 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. Christie’s Great Estates | Morgan Lane Marin | Pacific Union International.

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