Mill Valley Real Estate Report (Pacific Union November 2010 Home Sales Update)

November 23, 2010

October 2010 home sales in Mill Valley totaled 20. These trades sold for an average price of $997, 159 (this figure is much lower than normal as last month’s sales were nearly all under $1.5 million, which is somewhat unusual — September sales averaged $1,307,026) and the homes averaged 2,065 sq. ft. (or about $501 per sq. ft.).  It seems September 2010’s sales reflected extreme buyer caution as 19 of the 20 sales were under $1.5 million — on any given month we would expect about 1/2 the sales to be over $1.5 million. Certainly the 13 sales under $1 million helped to clear out some lingering inventory in this entry level price band.  The number of listings actively market on the MLS is on the low side (103) as many sellers have decided to take their homes off the market as Winter sets in.

The percentage of homes in escrow:

  • Under $800,ooo — 46%
  • $800,000 to $1 million — 21%
  • $1 million to $1.5 million — 33%
  • $1.5 million to $2 million — 27%
  • Above $2 million — 0%

Listings in Strawberry and Sycamore Park 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. I currently have several clients who want to sell, 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 e-mail me at Kyle@MillValley101.com.It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.

Marin Real Estate (October 2010)

November 12, 2010

Overall in Marin County, the bottom for pricing seems to have formed. The average price of a Marin County single family home has once again surpassed $1 million. In addition, for the seventh consecutive quarter (since Q1 ‘09) both the average and median price of a single family home has experienced modest appreciation.

Possibly the most interesting phenomenon is this modest price appreciation (2% per annum) occurring in a market of significantly lower units closed.  The number of homes sold in third quarter ‘10 under $1 million fell -16% from the same period a year ago. The number of homes sold over $1 million fell -3% from the same period last year after a -36% drop from Q3 ‘08 to Q3 ‘09. What this tells us is that while the number of sales has slowed dramatically in the past two years, prices have now firmed and we have caught a glimpse of the bottom.

Buyers continue to be cautious and generally only take action on well maintained, well priced homes. Sellers’ pricing of their homes remains critical as buyers feel most comfortable when the list price is within 3% – 5% of fair market value.

Marin Luxury Report (October 2010)

November 12, 2010

Tiburon and Belvedere home sales rose a bit in September 2010 with eleven sales. Building on a trend noted in this report over the past few months, median sale prices continue to rise while asking prices continue to drop. Both of these very important market indicators point to an improving market and more realistic expectations by sellers — the median price of homes for sale is down 7% and the median price of homes sold is up 17%. Also of interest is the fact that there are multiple homes currently available in Belvedere below $2 million and another two dozen such properties for sale in Tiburon.

Below are the percentages of homes in escrow in each of the major price bands:

  • 26% of homes priced under $2 million;
  • 20% of homes between $2 million and $3 million;
  • 20% of homes between $3 million and $5 million;
  • 0% of homes over $5 million.
[Click here for the rest of the report, courtesy of www.ImagineMarin.com]

Marin Luxury Report (September 2010)

November 12, 2010

With 8 sales, the luxury property market in Marin County again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, buyers are shaking off media ennui and making offers. Pricing in the marketplace certainly suggests “value” and inventory remains relatively low — we currently have just 132 homes actively on the market.

Cities recording luxury home sales between $2 million and $4 million in August 2010 included: Tiburon (3), Mill Valley (1), Greenbae (1), Ross (1), Corte Madera (1), and Sausalito (1). These homes averaged 117 days on market. Their average sales price was $2.518 million (roughly $732 per square foot), with an average of 2,518 square feet.

[Click here for the rest of the report, courtesy of www.ImagineMarin.com]

Marin Luxury Report (August 2010)

November 12, 2010

With 13 trades in September 2010, the luxury property market in Marin County (properties and estates over $2 million) again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, real buyers are making legitimate offers. Pricing in the marketplace certainly suggests “value” and inventory is steadily increasing — there are now 163 homes actively on the market.

Cities recording luxury home sales between $2 million and $4 million in September 2010 included: Tiburon (4), Mill Valley (1), Belvedere (1), and Kentifield (2). In addition, Nicasio and Stinson Beach also recorded one sale appiece. These homes averaged 154 days on market. Their average sales price was $2.748 million (roughly $784 per square foot), with an average of 2,748 square feet.

[Click here for the rest of the report, courtesy of www.ImagineMarin.com]