March 2018 Mill Valley Home Sales Update | Top Agent Real Estate Report | Pacific Union

March 15, 2018 by  

March 2018 Mill Valley Home Sales Update | Top Agent Real Estate Report | Pacific Union. Last month in this space, I asked “How to buy a Mill Valley home in 2018?” The answer for those who bought in February 2018 focused mostly on bringing a lot of money. And throwing some excellent in terms into mix, as well. Marin County’s touchstone town, Mill Valley has become a very trendy place to live. Although I saw a guy wearing a t-shirt the other day that said “Bring Mill Valley back to Mill Valley.” Guessing he’s not the only one who feels that way.

Located just north of the iconic Golden Gate Bridge and home to just 14,000 residents, Mill Valley is widely considered one of the most desirable small towns in the entire Bay Area  (click HERE for a video about Mill Valley). Affluent buyers from all walks of life are drawn to Mill Valley’s mellow vibe, low crime, good schools (Tamalpais Union HSD is one California’s top High School Districts), excellent outdoor opportunities (Muir Wood, Mt. Tam, and Stinson Beach) and welcoming downtown shopping district with great restaurants and cafes.millparks125x250

February 2018  home sale numbers (we had 16 trades) were mostly limited by the rarity of listings and time of year. Inventory of homes for sale remains the biggest challenge for buyers. The average sales price of $2. 149 million was up almost $1 million over the prior month (shedding light on just how misleading month-to-month housing stats can be. Nonetheless, it reflects the upward trend of prices generally seen in Southern Marin. The sold properties of February 2018 averaged 2,529 square feet at $969 per sq. ft. Despite ongoing upward price movement, Mill Valley home buyers continue acting quickly (and with very strong terms) when exceptional properties in desirable locations hit the market. Multiple offers remain common on such homes, coupled with short contingencies. I expect that this will continue through the first half of 2018 — buyer and agent home preparation activity so far in 2018 has been very high.

News Flash: I have a new listing coming up in Homestead Valley. It features a newly renovated Kitchen, private location, 5 beds, 2.5 baths and 2-car garage. Price to be $2,499,000. Call me if interested. This has not been shared with my networking groups yet.

There are currently just 29 single family homes listed for sale in Mill Valley. Mill Valley’s current absorption rate is less than 2 months (4-6 months is considered a “balanced” market). This is about the tightest market I have seen in my 15 years in Marin real estate. Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:

  • 43% of homes below $1 million;
  • 65% of homes between $1 million and $1.5 million;
  • 50% of homes between $1.5 million and $2 million;
  • 20% of homes between $2 million and up.

Of the 16 homes that sold in February 2018:

  • 5 homes were under $1.5 million;
  • 11 homes priced from $1.5 million and up.

MLS Listings in Sycamore Park, Tam Park, 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 Pacific Union International Real Estate. It is always my pleasure to be of service.

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