Mill Valley Real Estate Report (January 2015 Home Sales Update) | Pacific Union

January 14, 2015

Mill Valley Real Estate Report (January 2015 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). After a fairly slow second half of the year, December sales were also quite limited — likely due in equal parts to the natural lull in the selling cycle at year end and the continuing lack of homes for sale. In December 2014 Mill Valley accounted for just 15 single family home sales. These homes sold for an average price of $1.776 million. The properties averaged 2,339 sq. ft. (or about $726 per sq. ft.). Comparing these numbers to past market updates, one can see that the dramatic rise in sale prices experienced in 2012 and 2013 has leveled out. Brokers and agents alike are noting waning buyer enthusiasm levels due in large part to the quick and seemingly unabated rise in Mill Valley home prices. Nonetheless, properties in desirable locations and with reasonably calculated pricing continue to receive multiple offers with bid prices well above asking price (although multiple offers are now not nearly as common as early in 2014), coupled with short contingencies. This momentum extends beyond just the entry level homes and int the luxury segment over $2 million. In fact, we had 4 homes sell for over $2 million in December 2014.

There are just 17 single family homes currently active on the market in Mill Valley. The current absorption rate in Mill Valley is a very low 1 month (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands (note that due to increased prices, I have eliminated the “under $800,000” price level in my analyses):
■64% of homes below $1 million;
■36% of homes between $1 million and $1.5 million;
■67% of homes between $1.5 million and $2 million;
■0% of homes between $2 million and up.

Of the 15 homes that sold in December 2014:
■9 homes were under $1.5 million;

■6 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Boyle ParkMiddle Ridge and Strawberry neighborhoods 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