Mill Valley Real Estate Report (January 2012 Home Sales Update) | Pacific Union International

December 2011 home sales in Mill Valley dipped to just 18 trades. These properties sold for an average price of $1.196 million and averaged 2,202 sq. ft. (or about $496 per sq. ft.).  Pricing remains the key ingredient determining buyer interest levels and salability. Buyers continue to insist on readily apparent and undeniable value. If they don’t see it in a property, they are willing to wait it out. The number of listings actively on the market in the MLS has decreased to the point of virtual . This is extraordinarily low inventory even for this time of year.

Listings in Strawberry, Middle Ridge, Sycamore Park, and Tam Valley generated the most calls this month. Well-priced homes continue to generate multiple offers. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. I currently have several clients who want to sell, but are waiting in the wings for Spring 2012. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Top Agent Network and Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale.

If you would like my Mill Valley Hot List, e-mail me. It is always my pleasure to be of service. Christie’s International Real Estate | Pacific Union International Mill Valley, CA.

Mill Valley Real Estate Report (Pacific Union April/May 2011 Home Sales Update)

March and April 2011 home sales in Mill Valley increased dramatically over the prior three months — we had 27 trades in March and 19 in April (up from 13 in January!). These properties sold for an average price of $1.265 million and averaged 2,369 sq. ft. (or about $542 per sq. ft.).  Pricing remains the key ingredient determining buyer interest. Buyers insist on apparent and undeniable value. If they don’t see it in a property, they are willing to wait it out. Now, more than ever, is the time for sellers to be very careful about who they have negotiating for them — poor negotiating by “say anything” agents can result in losses of tens or hundreds of thousands of dollars.

The number of listings actively on the market in the MLS has increased as we enter the primary selling season to 118. The percentage of homes in escrow:

• Under $800,ooo — 48%
• $800,000 to $1 million — 24%
• $1 million to $1.5 million — 33%
• $1.5 million to $2 million — 20%
• Above $2 million — 0%

Listings in Strawberry, Boyle Park and Homestead Valley generated the most calls this month.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. I currently have several clients who want to sell, but are waiting in the wings for Spring 2011. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Top Agent Network and Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale.

If you would like my Mill Valley Hot List, e-mail me. It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International Mill Valley, CA.

Mill Valley Real Estate Report (Pacific Union March 2011 Home Sales Update)

February 2011 home sales in Mill Valley climbed ever-so-slightly to 15 (up from 13 in January). These trades sold for an average price of $903,927 and averaged 2,151 sq. ft. (or about $453 per sq. ft.).  While anecdotally we are hearing about increased activity, the fact remains that pricing is key. Buyers insist on apparent and undeniable value. If they don’t see it in a property, they are willing to wait it out. The number of listings actively on the market in the MLS remains very low at 72. I suspect once the current rainy spell ends (it looks like it is supposed to rain non-stop for another weeks), we will see inventory balloon. It will be interesting to see how sales play out in Q2 as it appears that bonuses for employees working in the San Francisco financial sector may spur bread-and-butter and luxury sales in our highly desirable city.

The percentage of homes in escrow:

• Under $800,ooo — 48%
• $800,000 to $1 million — 24%
• $1 million to $1.5 million — 33%
• $1.5 million to $2 million — 20%
• Above $2 million — 0%

Listings in Boyle Park and Homestead Valley generated the most calls this month.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. I currently have several clients who want to sell, but are waiting in the wings for Spring 2011. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Top Agent Network and Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale.

If you would like my Mill Valley Hot List, e-mail me. It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International Mill Valley, CA.

Mill Valley Real Estate Report (Pacific Union November 2010 Home Sales Update)

October 2010 home sales in Mill Valley totaled 20. These trades sold for an average price of $997, 159 (this figure is much lower than normal as last month’s sales were nearly all under $1.5 million, which is somewhat unusual — September sales averaged $1,307,026) and the homes averaged 2,065 sq. ft. (or about $501 per sq. ft.).  It seems September 2010′s sales reflected extreme buyer caution as 19 of the 20 sales were under $1.5 million — on any given month we would expect about 1/2 the sales to be over $1.5 million. Certainly the 13 sales under $1 million helped to clear out some lingering inventory in this entry level price band.  The number of listings actively market on the MLS is on the low side (103) as many sellers have decided to take their homes off the market as Winter sets in.

The percentage of homes in escrow:

• Under $800,ooo — 46%
• $800,000 to $1 million — 21%
• $1 million to $1.5 million — 33%
• $1.5 million to $2 million — 27%
• Above $2 million — 0%

Listings in Strawberry and Sycamore Park generated the most calls this month.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. I currently have several clients who want to sell, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale.

If you would like my Mill Valley Hot List e-mail me at Kyle@MillValley101.com.It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.

Pacific Union Real Estate Mill Valley CA. Real Estate Report (July 2010 Home Sales Update)

The number of homes sold in the Mill Valley, California real estate market rose and Mill Valley’s touchstone price band ($1 million to $2 million) posted another solid month. In contrast to the previous three years, buyers now speak confidently about our market, recognizing that prices have tumbled significantly, interest rates are extraordinary, jobs numbers have improved, and media coverage concerning real estate has turned positive. Moreover, we are seeing an improved marketplace in San Francisco which is the bellweather for Mill Valley and Marin.

The number of homes for sale in Mill Valley is down incrementally to 143. After the brief slow period in the Summer we can expect increasing inventory after Labor Day. Mill Valley’s entry level price bands (under $1,000,000) are as strong as we have seen them over the past couple of years. Moreover, bread and butter homes of $1.5 mil. and up remain strong and that market segment exhibits undeniable leading indicators of a strengthening market. The chart below tracks prices of “for sale” and “sold” homes at or above $1.5 million compared with last year. Indeed, asking prices are down 6% and sales prices are up 17%. This trend is not evident in every price band.

Mill Valley’s 24 sales in June 2010 gave rise to the following averages: an average price of $1,239,025; and about 2,273 sq. ft. (or about $597 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, three months ago, the price per square foot was $640 in Mill Valley. This is because the composition of sales varies dramatically from month to month — at best, price per square foot is a blunt instrument. Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com.

p.s. I currently have several clients who want to sell, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com.It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.

Pacific Union International Mill Valley CA. Real Estate Market (May 2010 Home Sales Update)

The number of homes sold in the Mill Valley, California real estate market rose again in April 2010 and Mill Valley’s touchstone price band ($1 million to $2 million) has posted another great month. As stated last month, it has been more than three years since buyers have spoken confidently about the market, but they are now. Low interest rates, improved jobs numbers, a string of positive local and regional real estate news stories, and a stronger stock market environment has buyers again feeling secure in the fact that they are buying with a tailwind.

The number of homes for sale in Mill Valley is tapering as we move through the Spring selling season  — we now have 135 homes on the market. Mill Valley’s entry level price bands (under $1,000,000) are as strong as we have seen them over the past couple of years. Perhaps most telling is the fact that the median sales price in Mill Valley for 3 bedroom, 2 bath homes is up 31% from last year.

Mill Valley’s 25 sales in April 2010 gave rise to the following averages: an average price of $1,392,360; and about 2,398 sq. ft. (or about $575 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, last month, the price per square foot was $640 in Mill Valley. This is because the composition of sales varies dramatically from month to month — at best, price per square foot is a blunt instrument. Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month.

617 Springfield Way in Tam Valley is now on the market. Priced at $865,000, this private home sits on ~1/3 acre at the end of  a serene cul de sac in a magnificent setting. It features 3 bedrooms and 2 baths upstairs, along with a large unit downstairs which would be perfect au pair quarters or income — it has rented out recently for ~$1,000/mo.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com.

p.s. I currently have several clients who want to be sellers, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com. It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.

Mill Valley CA. Real Estate Market Report (March 2010 Home Sales Update)

The number of home sales in the Mill Valley, California real estate market held exactly even in February – 16 trades (February usually has lower sales totals because it is a short month with two legal holidays and bcause January tends to have weather which limits buyer activity). Based on last month’s total sales, we currently have an overall inventory of homes sufficient to last 5.1 months (absorption rate). This number is higher than last month because of the large number of homes that came on the market very recently. As discussed below, however, our touchstone price band is performing very well. 

Insofar as the sales and apsorption rate of Mill Valley’s touchstone price band ($1 million to $ 2million) are concerned, the market appears to be striding towards normalcy. As indicated above, compared with the past 2 years’ February totals, sales are up 50% over 2008 and double that of 2009. Meanwhile, the chart below shows a market with a serious increase in sales velocity — there is barely 3 months’ inventory for homes priced in the touchstone price band. This is a big reduction from the absorption rate from May 2009, which stood at well over 8 months.

Indeed, although we are at the precipice of the traditional selling season, the number of homes for sale in Mill Valley remains low at 82. We still believe that many “real buyers” stand poised to act on the right property. Certainly, the media’s negative feedback loop seems to have reversed itself as most mainstream economy-related articles seem to be more positive in nature as consumer spending has increased. Certainly, investors are “flipping” homes again! Mill Valley’s entry level price band (under $800,000) is as strong as it has been in recent history — with 54% of homes currently in escrow. Below is a table detailing the number of homes in escrow in each price band:

Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com.

p.s. I currently have several clients who want to be sellers, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com. It is always my pleasure to be of service. Christie’s Great Estates | Morgan Lane Marin | Pacific Union International.

Mill Valley CA. Real Estate Market Report (December 2009 Home Sales Update)

The number of home sales in the Mill Valley, California real estate market rose 20% in November 2009 — that is a total of 24 listings sold. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.1 months (significantly lower than last month) — this is called the absorption rate. This is a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley is a very low 75, typical for this time of year. Meanwhile, asking prices have seemed to stiffen over the past quarter. The graph below tracks asking prices; the average price per square foot for homes currently on the market is rising — approximately $622 per square foot. It remains to be seen whether this rise will translate into higher sales prices.

While the number of homes in escrow is down from last month, that is typical this time of year as buyers and sellers alike are focused on surviving the holiday season. We still think there are many real buyers out there who have been waiting for “a sign” to buy — we don’t know what that sign will be (there are likely to be many “signs”), but we feel it will likely come soon. Numerous newspaper articles have run recently, pointing to the exceptional opportunities out there right now for buyers — indeed, we are starting to hear investors talk about “flipping” homes again!

In fact, the percentage of homes in escrow remains strong at 44% in the lowest price band (under $800,000). This indicates that Mill Valley’s low end market is competitive and that fact bodes well. In Novato, for example, we believe the bottom began to form in April and May 2009 when the low end market began to see escrow ratios over 50% (Novato’s entry level price band has since reached over 80% of homes in escrow in what has become a very tight market). Since then, Novato’s overall market has become increasingly hotter across all price bands. I believe if Mill Valley follows suit, we will see a marked increase in sales over the next few months, particularly if San Francisco firms begin providing bonuses again in the New Year (Click HERE). Remember, last year, there were no bonuses and as a result (at least in part), we had a flat-lining market for the first 5 months of the year.

Below is a graph detailing the number of homes in escrow in each price band:

Homes in Tam Valley, Strawberry, Sycamore Park, and Country Club generated the most calls this month. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com.

p.s. I currently have several clients who want to be sellers, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com. It is always my pleasure to be of service. Christie’s Great Estates | Morgan Lane Marin | Pacific Union International.

Mill Valley CA. Real Estate Market Report (November 2009 Home Sales Update)

We know from past experience that in down cycles, once the San Francisco housing market recovers, there is a domino effect on surrounding communities. Accordingly, in our current cycle, we believe that our best leading indicator regarding a healthy, appreciating market (particularly in Southern Marin) will be the home sales environment in San Francisco. And there can be no doubt that the San Francisco market has improved dramatically in recent months. Additionally, as the banking institutions regain their footing and again provide bonuses to their employees, we will also see a surge in luxury home sales. In fact, if bonuses are significant and broad-based, I predict a very strong luxury sales market early in 2010 as buyers snap up the many “values” out there in the luxury and ultra-luxury sectors.

Mill Valley will be first in line to benefit from this influx of local income. Meanwhile, however, the number of homes sold remains low. In October, we had just 20 home sales — virtually the same as in July, August, and September 2009. Many believe that the low number of sales is due in large part to a lack of “sexy inventory.”  And in fact, turnkey homes that are priced competitively and located in desirable areas sell FAST.  Meanwhile, homes with “challenges” in regard to location, condition, or price are simply not selling.

Sales prices seem to have gathered traction after a slippery first half of the year, last month’s price per square foot of homes sold was $565 (home sales prices have held steady in this general price per square foot range for months now). Of course, price per square foot is an often misleading indicator as applied to individual homes for several reasons (e.g., condition, location, usable yard space, and the size of the home — the larger the home, the lower the price per square foot). Indeed, a nice home in Sycamore Park may sell for $750-$800 per square foot. It all depends on the various factors in play.

Note that the graph below tracks asking prices and the average price per square foot for homes on the market is rising. It is currently approximately $620 per square foot. It remains to be seen whether this rise will translate into higher sales prices.

Based on last month’s sales total of 20, we currently have an overall inventory of homes sufficient to last 5.3 months (slightly lower than last month) — this is called the absorption rate. This is still a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months.

The number of homes in escrow is up by about 11% from last month. We think there are many real buyers out there who have been waiting for “a sign” to buy — we don’t know what that sign will be (there are likely to be many “signs”), but we feel it will likely come soon.

In fact, the percentage of homes in escrow has risen to 55% in the bottom price band (under $800,000). This indicates that Mill Valley’s low end market is becoming very competitive and that fact bodes well. In Novato, for example, we believe the bottom began to form in April 2009 when it’s low end market began to see escrow ratios over 50% (Novato’s entry level price band has since reached over 80% of homes in escrow in what has become a very tight market). Since then, Novato’s overall market has become increasingly hotter across all price bands. I believe if Mill Valley follows suit, we will see a marked increase in sales over the next few months, particularly if San Francisco firms begin providing bonuses again in the New Year. Remember, last year, there were no bonuses and as a result (at least in part), we had a flat-lining market for the first 5 months of the year.

Below is a graph detailing the number of homes in escrow in each price band:

Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com.

p.s. I currently have several clients who want to be sellers, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com. It is always my pleasure to be of service. Christie’s Great Estates | Morgan Lane Marin and Pacific Union International.

Mill Valley CA. Real Estate Market Report (October 2009 Home Sales Update)

The good new is that it seems the media has turned a corner on its reporting of the U.S. and worldwide economies, as well as the housing market. Positive press coverage has permeated all forms of media and is certain to change the tide, although it will take time. Significantly, San Francisco agents are reporting a significant surge in sales and prices. We know from past experience, that once San Francisco recovers, surrounding communities recover in a geo-concentrically expanding fashion.

Yet, the Mill Valley, CA. real estate market continues to limp along, offering hope of recovery, but not fully reaching the plateau (or nadir, as it were). Pardon the inevitable mixed metaphors, but it seems the real estate market is like an elite athlete with an ankle sprain, constantly at risk of further injury or re-aggravation. Our low expectations for September were fulfilled as we had just 21 home sales — same as in July and August 2009.

While is seemed that prices had gathered traction after a slippery first half of the year, last month’s price per square foot of homes sold dipped to $529 — note that the graph below tracks asking prices and the average price per square foot for homes on the market is holding steady at about $615. We have been waiting to see whether this flattening out of asking prices would carry over into the sales prices of homes trading this Fall and Winter and it appears the answer in “no.”

Based on last month’s sales total of 21, we currently have an overall inventory of homes sufficient to last a bit more than 5.67 months (virtually the same as August 2009) — this is called the absorption rate. This is still a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months. The number of homes in escrow is also virtually the same as last month. We think there are many real buyers out there who have been waiting for “a sign” to buy — we don’t know what that sign will be (there are likely to be many “signs”), but we feel it will likely come soon.

As with Marin overall, the most active segment is the sub $1 million price bands, which can be characterized as neutral markets, favoring neither buyers nor sellers. Well over half of last month’s sales were under $1 million. The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is up from last month to about 20%. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) saw strong activity last month (5 sales) — and another 9 such homes are in escrow.

Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month. If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com.

p.s. I currently have several clients who want to be sellers, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com. It is always my pleasure to be of service. Christie’s Great Estates | Morgan Lane Marin and Pacific Union International.