Pacific Union Real Estate Mill Valley CA. Real Estate Report (June 2010 Home Sales Update)

June 18, 2010

Similar to May 2010, the number of homes sold in the Mill Valley, California real estate market rose and Mill Valley’s touchstone price band ($1 million to $2 million) posted another solid month. Buyers are again speaking confidently about the market as prices have tumbled, interest rates are extraordinary, jobs numbers have improved, and media coverage concerning real estate has turned positive. I have a strong sense that many feel a tailwind.

The number of homes for sale in Mill Valley is up marginally to 147. Summer is upon us, school is out, and the primary selling season has wrapped up. 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. Moreover, the luxury price band of $2 mil. to $4 mil. is HOT — 32% of these homes are in escrow) several with multiple offers — of course, the ones that are selling are priced extremely well). The chart below show that median sales prices have equalized for 3 bedroom, 2 bathroom homes under $1 million compared with last year.

Mill Valley’s 20 sales in May 2010 gave rise to the following averages: an average price of $1,161,875; and about 2,059 sq. ft. (or about $530 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, two months ago, the price per square foot was $640 in Mill Valley. This is because the composition of sales varies dramatically from month to month — at best, price per square foot is a blunt instrument. Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month.

Get It Now (Entry Level Mill Valley Home For Sale):

617 Springfield Way in Tam Valley is now on the market. Priced at $865,000, this private home (with a new roof in June 2010) 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 income — 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 member of the Marin Platinum Group with access to dozens of 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 | Pacific Union International.