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

May 28, 2013

Mill Valley Real Estate Report (May 2013 Home Sales Update) | Pacific Union. The Mill Valley, CA real estate market is flourishing with 33 single family home sales in April 2013. These properties sold for an average price of about $1.273 million and averaged 2,139 sq. ft. (or about $600 per sq. ft.). Like all towns in Marin County, California (San Francisco’s “North Bay” region), Mill Valley home sales are only dampened by a lack of sellers — buyers are eager to buy, but there are few options. Multiple offer situations are increasingly common with fairly priced homes. My team has come to expect up to 15 offers for homes in the lower end. This momentum extends from the entry level (where investors are very actively pursuing a purchase and rent strategy), but also at luxury levels — as was the case last month, we have 5 homes currently under contract over $2 million in Mill Valley. This market segment was virtually non-existant the last several years.

As noted in recent market reports (for the past 6 months), the number of listings actively on the market in Mill Valley has decreased to the point of scarcity. As we roll out of the primary spring selling season, there are only 42 properties currently on the market in all of Mill Valley. The absorption rate in Mill Valley currently stands at just a shade over 1 month (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■67% of homes priced under $800,000;
■56% of homes between $801,000 and $1 million;
■43% of homes between $1 million and $1.5 million;
■53% of homes between $1.5 million and $2 million;
■26% of homes between $2 million and up.

Of the 33 homes that sold in April 2013:
■7 homes were priced under $800,000;
■16 homes priced from $800,000 to $1.5 million; and
■10 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Sycamore Park, 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 Top Agent, 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.