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

November 13, 2013

Mill Valley Real Estate Report (November 2013 Home Sales Update) | Pacific Union. Despite incredibly low inventory, the Mill Valley, CA real estate market continues to astound amaze as the number of sold homes remains high. In October 2013, 31 single family properties sold. These homes traded on average for $1.49 million and averaged 2,155 sq. ft. (or about $659 per sq. ft.). Comparing these numbers to past market updates, one can see a dramatic rise in both sale prices and price per foot over the past year with much of the increase taking place early in 2013 and leveling out beginning in June. Like all towns in Marin County, California (San Francisco’s “North Bay” region), the number of Mill Valley home sales (although still strong) is constricted due to low inventory. Indeed, there are many potential buyers are out there, but they 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 several offers for homes in the lower price points. 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 there were 6 homes sold in October 2013 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. Although we are in the slow season at this point, there are still just 47 single family homes currently active on the market in all of Mill Valley. The absorption rate in Mill Valley currently stands at about 1.5 months (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■72% of homes priced under $800,000;
■54% of homes between $801,000 and $1 million;
■42% of homes between $1 million and $1.5 million;
■50% of homes between $1.5 million and $2 million;
■23% of homes between $2 million and up.

Of the 31 homes that sold in October 2013:
■3 homes were priced under $800,000;
■22 homes priced from $800,000 to $1.5 million; and
■6 homes priced from $1.5 million and up.

MLS Listings in Boyle Park, Middle Ridge 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.