Mill Valley Real Estate Report (February 2014 Home Sales Update) | Pacific Union

February 7, 2014

Mill Valley Real Estate Report (February 2014 Home Sales Update) | Pacific Union. Our market is still vexed by very low inventory. Reflecting this, along with the typical holiday slowdown, is the reduced number of single family homes sold in Mill Valley, CA. In January 2014, 17 properties sold. These homes traded on average for $2.083 million and averaged 2,826 sq. ft. (or about $695 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. Like all towns in Marin County, California (San Francisco’s “North Bay” region), the number of Mill Valley home sales is constricted due to the fact few sellers are bringing their homes to market. Multiple offer situations are quite common when it comes to fairly priced homes under $2 million. This momentum extends from the entry level (where entry level buyers are in fierce compeitiotn with investors who are very actively pursuing a purchase and rent strategy) to the luxury segment over $2 million (we had 5 homes sold in January for $2 million+).

As noted in virtually all of my Mill Valley market reportsover the past year, the number of listings actively on the market in Mill Valley can best characterized as “extreme scarcity.” As we climb out of the slow season and approach the Spring selling season, there are a mere 20 single family homes currently active on the market in all of Mill Valley. The current absorption rate in Mill Valley is the lowest I have ever seen for any city or town in Marin — it stands at about a month (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■71% of homes priced under $800,000;
■75% of homes between $801,000 and $1 million;
■40% of homes between $1 million and $1.5 million;
■50% of homes between $1.5 million and $2 million;
■38% of homes between $2 million and up.

Of the 17 homes that sold in January 2014:
■1 homes were priced under $800,000;
■8 homes priced from $800,000 to $1.5 million; and
■10 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.