Mill Valley Real Estate Report (January 2013 Home Sales Update) | Pacific Union International

January 5, 2013

Mill Valley’s real estate market has continued to post extremely positive number through the end of the year — the sales total for Decemeber 2012 was 26. These properties sold for an average price of about $1.031 million and averaged 2,157 sq. ft. (or about $495 per sq. ft.). Like all towns in Marin County, Ca, Mill Valley home sales have been supressed by a very low inventory of homes for sale. Despite the scarcity of homes available, however, pricing remains the key variable determining buyer interest levels and salability. For now, buyers continue to expect readily apparent value (with an emphasis on turn key homes). If Buyers do not see apparent value in a particular property, they seem to be more than willing to wait for something new. Indeed, it will interesting to see what happens with buyer proclivities in the new year.

About Mill Valley, California (Marin County Town Profile Video) from Kyle Frazier on Vimeo.

The number of listings actively on the market in the MLS has decreased to the point of extreme scarcity (there are only 22 homes on the market in all of Mill Valley as of this writing). The absorption rate in Mill Valley currently stands at just under 1 month (6 months is considered “balanced”).

As is evidenced by virtually all criteria — market data, real estate forecasts, and buyer demand — the overall health for Mill Valley real estate improved dramatically over the course of 2012. 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 months, if not several years, the number of sales in this traditionally strong Mill Valley price bracket were low — yet the past few months saw an improved market for such homes.

The percentages of home in escrow are:

  • up to $800K — 67%
  • $800-$1 mil — 44%
  • $1 mil to $1.5 mil — 60%
  • $1.5 mil to $2 mil — 50%
  • $2mil & Up — 29%

Listings in Boyle Park,Strawberry, Sycamore Park, and Cascade Canyon 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.