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

June 19, 2013

Mill Valley Real Estate Report (June 2013 Home Sales Update) | Pacific Union. The Mill Valley, CA real estate market is reaching heights not seen for years (5 years, to be exact) with 43 single family home sales in May 2013. These properties sold for an average price of about $1.4 million and averaged 2,186 sq. ft. (or about $649 per sq. ft.). If you arecomparing these numbers to past market updates, you will quickly note the spike in sales prices and price per foot. Like all towns in Marin County, California (San Francisco’s “North Bay” region), the number of Mill Valley home sales are being held back by a sheer lack of homes for sale — buyers are eager to buy, but they have few options. Multiple offer situations are very common when it comes to 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) to the luxury home price points — case in point: we have 6 luxury homes in escrow over $2 million in Mill Valley (this includes a magnificent estate currently pending at a price of $4.9 million). This market segment was virtually non-existant the last several years.

Coming Soon

815 Smith Road, Mill Valley

Nestled on a large, nearly 1-acre parcel, high above Mill Valley, sits a spectacular, tri-level, trophy home with impeccable views across Richardson Bay, high-level finishes, modern lines, superior privacy, and a resplendent energy all its own. Exclusively listed for $1,499,000. Call Kyle at (415) 350-9440 for a private showing.

As noted in virtually all of my market reports thus far in 2013, the number of listings actively on the market in Mill Valley is best characterized as being at a point of scarcity. As we move into the traditionally slow Summer months, there are only 53 properties active 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:
■63% of homes priced under $800,000;
■50% of homes between $801,000 and $1 million;
■53% of homes between $1 million and $1.5 million;
■50% of homes between $1.5 million and $2 million;
■25% of homes between $2 million and up.

Of the 43 homes that sold in May 2013:
■7 homes were priced under $800,000;
■23 homes priced from $800,000 to $1.5 million; and
■13 homes priced from $1.5 million and up.

MLS Listings in Tam Valley 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.