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

March 21, 2013

Mill Valley Real Estate Report (March 2013 Home Sales Update) | Pacific Union International. The Mill Valley, CA real estate market continues to climb out of the the real estate downturn — our number of home sales in February 2013 was an impressive 15. These properties sold for an average price of about $1.124 million and averaged 2,013 sq. ft. (or about $599 per sq. ft.). Like all towns in Marin County (San Francisco’s North Bay), Mill Valley home sales are being supressed by an unprecedented lack of homes for sale. The lack of inventory and once-in-a-lifetime constellation of favorable factors for buyers is resulting in multiple offers for most properties that come to market. I have recently experienced several homes with over 15 offers. The momentum is not only present in the entry level (where investors are very actively pursuing a purchase and rent strategy), but also (increasingly) at higher price points — currently we have 5 homes in escrow which are priced over $2 million in Mill Valley. Until very recently, these homes were not finding buyers. The trickle up phenomenon (e.g., buyers buying up after selling their homes) and year end bonuses are both factors in this price point.

As noted in my market reports, the number of listings actively on the market in Mill Valley has decreased to the point of extreme scarcity. Even though we are quickly approaching the prime selling season, there are only 35 homes on the market in all of Mill Valley,CA as of this writing. The absorption rate in Mill Valley currently stands at just a shade over 2 months (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■82% of homes priced under $800,000;
■83% of homes between $801,000 and $1 million;
■57% of homes between $1 million and $1.5 million;
■36% of homes between $1.5 million and $2 million;
■26% of homes between $2 million and up.

Of the 23 homes that sold in February 2013:
■3 homes were priced under $800,000;
■10 homes priced from $800,000 to $1.5 million; and
■2 homes priced from $1.5 million and up.

Homes in Sycamore Park, Boyle Park, Tam Valley, and Strawberry generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.