Mill Valley Real Estate Report (June 2012 Home Sales Update) | Pacific Union International

July 2, 2012

Mill Valley, California real estate sales slowed during the month of May 2012 — we experienced 30 trades (down from 34 in April 2012). These properties sold for an average price of $1.143 million and averaged 1,950 sq. ft. (or about $574 per sq. ft.).  While, similar to the rest of Marin, low inventory of homes for sale continues to slow the pace of sales, pricing remains the key ingredient determining buyer interest levels and salability. Despite the low inventory, buyers continue to insist on readily apparent and undeniable value. If they don’t see it in a particular property, they are willing to wait. The number of listings actively on the market in the MLS has decreased to the point of extreme scarcity. In fact, because of the low inventory, virtually every home that comes to the MLS receives multiple offers (unless priced above true market value) — anecdotal tales of froth in the market include homes with 5 to 15 offers over the past couple of months.

As is evidenced by recent market data, real estate forecasts, and buyer demand, the overall picture for Mill Valley, CA real estate has improved dramatically over the past 6-8 months. One of the most promising metrics is the upswing in sales in Mill Valley’s “wheelhouse” price bracket of $1.25 mil to $1.75 mil. For many, many months, sales in this traditionally strong price bracket were dormant. Yet last month alone, 15 trades took place in this range. I anticipate greater activity in the months to come.

The percentages of home in escrow are:

  • up to $800K — 70%
  • $800-$1 mil — 58%
  • $1 mil to $1.5 mil — 55%
  • $2mil. & Up — 22%

Listings in Strawberry, Homestead Valley, Sycamore Park, and Tam Valley generated the most calls this month. Well-priced homes continue to generate multiple offers. 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 am also a member of the Top Agent Network and 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. It is always my pleasure to be of service. Christie’s International Real Estate | Pacific Union International | Mill Valley, CA.