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

June 14, 2014

Mill Valley Real Estate Report (June 2014 Home Sales Update) | Pacific Union. As we enter Summer, which is typically a slower time of year, the market remains tormented by low inventory levels across the board. The result of this low inventory has been brisk sales of homes that do come to market. In May 2014, we had 38 single family home sales. These homes traded on average for $1.693 million and averaged 2,165 sq. ft. (or about $768 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. Although last year saw a sudden spike in prices, many homes in Mill Valley today are seeing extraordinary multiple offers and bids up to 20% above asking price. This momentum goes beyond entry level homes (investors have begun to step aside as prices have rendered margins toos narrow) to the luxury segment over $2 million (we had 13 homes sell for over $2 million in May, compared with 4 in January).

Just 47 single family homes are currently active on the market in all of Mill Valley (while up a shade from last month, this is still low). The current absorption rate in Mill Valley is very low — it stands at about 1 month (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■56% of homes priced under $800,000;
■73% of homes between $801,000 and $1 million;
■41% of homes between $1 million and $1.5 million;
■24% of homes between $1.5 million and $2 million;
■33% of homes between $2 million and up.

Of the 47 homes that sold in May 2014:
■5 homes were priced under $800,000;
■14 homes priced from $800,000 to $1.5 million; and
■19 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.

Kyle Frazier, Pacific Union Int'l