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

October 3, 2013

Mill Valley Real Estate Report (September 2013 Home Sales Update) | Pacific Union. The Mill Valley, CA real estate market for single family homes appears unstoppable. In August 2013, 25 single family properties sold. These homes traded on average for $1.7 million and averaged 2,577 sq. ft. (or about $672 per sq. ft.). Comparing these numbers to past market updates, one can see a dramatic rise in both sale 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 continues to be held down by a low inventory of homes for sale. As most any realtor in Marin would agree, there are many potential buyers are out there. They just lack homes to buy. Multiple offer situations remain common when it comes to fairly priced homes under $1.5 million. My team has come to expect up to a dozen 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 segment over $2 million.

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. Entering October, there are still just 51 single family homes currently active on the market in all of Mill Valley. The absorption rate in Mill Valley currently stands at about 2 months (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■69% of homes priced under $800,000;
■56% of homes between $801,000 and $1 million;
■49% of homes between $1 million and $1.5 million;
■30% of homes between $1.5 million and $2 million;
■32% of homes between $2 million and up.

Of the 25 homes that sold in August 2013:
■3 homes were priced under $800,000;
■10 homes priced from $800,000 to $1.5 million; and
■12 homes priced from $1.5 million and up.

MLS Listings in Tam Valley, Sycamore Park, Boyle 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.