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

July 2, 2012

Mill Valley, California real estate sales slowed during the month of May 2012 — we experienced 30 trades (down from 34 in April 2012). These properties sold for an average price of $1.143 million and averaged 1,950 sq. ft. (or about $574 per sq. ft.).  While, similar to the rest of Marin, low inventory of homes for sale continues to slow the pace of sales, pricing remains the key ingredient determining buyer interest levels and salability. Despite the low inventory, buyers continue to insist on readily apparent and undeniable value. If they don’t see it in a particular property, they are willing to wait. The number of listings actively on the market in the MLS has decreased to the point of extreme scarcity. In fact, because of the low inventory, virtually every home that comes to the MLS receives multiple offers (unless priced above true market value) — anecdotal tales of froth in the market include homes with 5 to 15 offers over the past couple of months.

As is evidenced by recent market data, real estate forecasts, and buyer demand, the overall picture for Mill Valley, CA real estate has improved dramatically over the past 6-8 months. One of the most promising metrics is the upswing in sales in Mill Valley’s “wheelhouse” price bracket of $1.25 mil to $1.75 mil. For many, many months, sales in this traditionally strong price bracket were dormant. Yet last month alone, 15 trades took place in this range. I anticipate greater activity in the months to come.

The percentages of home in escrow are:

  • up to $800K — 70%
  • $800-$1 mil — 58%
  • $1 mil to $1.5 mil — 55%
  • $2mil. & Up — 22%

Listings in Strawberry, Homestead Valley, 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 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 CA. Real Estate Market Report (February 2010 Home Sales Update)

February 14, 2010

The number of home sales in the Mill Valley, California real estate market slipped to 16 listings sold, compared with 27 in December 2009. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.7 months (note that several homes came on the market very recently). This is a big 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 remains very low at 63. Meanwhile, asking prices have held steady over the past quarter and stand now at about $605 per square foot.

Mill Valley Homes Sold & For Sale Medians

The above graph tracks sales prices vs. listing prices over the past 2 years in Mill Valley for homes under $2 million. While the median sales price is down 19%, the median asking price is down just 3%. Meanwhile, for homes over $2 million, the median asking price has dipped 11%, while median sales prices have dipped about 30%. We still believe that there are many “real buyers” out there who have been waiting for “a sign” to buy. 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. Certainly, investors are “flipping” homes again! Mill Valley’s entry level price band (under $800,000) is fairly strong with 39% of homes currently in escrow. Below is a table detailing the number of homes in escrow in each price band:

Price Range

Total Active Homes

Pending Listings

Up to $800K

14 (up 4)

39%

$800K – $1 mil.

10 (down 1)

41%

$1 mil. – 1.5 mil.

16 (up 1)

30%

$1.5 mil. – $2 mil.

14 (same)

24%

$2 mil. & Up

15 (up 2)

17%

Mill Valley’s 16 sales in January 2010 gave rise to the following averages: 88 days on the market; an average price of $1,191,488; and about 2,298 sq. ft. (or about $535 per sq. ft.).

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 (January 2010 Home Sales Update)

January 19, 2010

The number of home sales in the Mill Valley, California real estate market rose again in December 2009 — 27 listings sold, compared with 24 in November. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 1.96 months! 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 an extraordinarily low 53. Meanwhile, asking prices have held steady over the past quarter and stand now at about $610 per square foot. It remains to be seen whether this rise will translate into higher sales prices.

Real Estate Market Chart by Altos Research www.altosresearch.com

We still beleive that there are many “real buyers” out there who have been waiting for “a sign” to buy. Certainly, the negative feedback loop supplied by the media has turned the corner — indeed, investors are “flipping” homes again! Mill Valley’s low end market (under $800,000) is competitive with 33% of homes in escrow and that fact bodes well. Below is a table detailing the number of homes in escrow in each price band:

Price Range

Total Active Homes

Pending Listings

Up to $800K

10 (no change)

33%

$800K – $1 mil.

11 (down 2)

21%

$1 mil. – 1.5 mil.

15 (down 6)

29%

$1.5 mil. – $2 mil.

14 (up 1)

23%

$2 mil. & Up

13 (down 4)

7%

Mill Valley’s 27 sales in December 2009 gave rise to the following averages: 131 days on the market; an average price of $1,019,843; and about 1,952 sq. ft. (or about $528 per sq. ft.).

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 (August 2009 Home Sales Update)

August 13, 2009

The Mill Valley, CA. real estate market remains predictably unpredictable — after just 17 sales in May 2009, we had a robust 29 sales in June 2009, followed by 22 sales in July 2009. As I noted in last month’s report, the decline in sales numbers this month was expected as families focus more on vacations and outside activities. And September will bring even fewer home sales, along with a moderate rise in inventory and increased buyer activity.

Over the past quarter in much of Marin County, it has become apparent that asking prices have halted their downward spiral. As is evident in the graph below, which tracks the median price per square foot (down from $740 to $615), in Mid-June 2009 prices flattened out in Mill Valley. It will be interesting to see whether this flattening out carries over into the sales prices of homes trading this Fall and Winter.

Real Estate Market Chart by Altos Research www.altosresearch.com
Based on last month’s sales total of 22, we currently have an overall inventory of homes sufficient to last about 5.45 months (up from 4.6 months in July 2009) — 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. A big reason for the lower absorption rate is the reduced inventory as sellers removed thier homes from the market for the Summer — we currently have just 120 active listings.
While not discussed by most real estate agents, the absorption rate is an important barometer of market health. Below is a graph showing that in 2009, Mill Valley has consistently outperformed 2008 in terms of homes absorbed. Thus, while many agents seem despondent and unenthusiastic about the market, the truth is that things are much better than last year and continue improving. I predict that sales activity will increase significantly in the late Fall and into the Winter months, not only because of continued favorable interest rates, but also because I think there are many “real buyers” out there who have been waiting for “a sign” to buy — I don’t know what that sign will be (there are likely to be many “signs”), but it will come soon for “real buyers.”
Real Estate Market Chart by Altos Research www.altosresearch.com
Most activity in Mill Valley is occurring in the sub $1 million price bands, which can be characterized as neutral markets, favoring neither buyers nor sellers. The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is hovering at a low 12% (about the same as last month). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) saw some meaningful activity with 3 sales last month and another 6 currently in escrow. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com.

Price Range

Total Active Homes

Pending Listings

Up to $800K

17 (up 2)

37%

$800K – $1 mil.

18 (down 3)

36%

$1 mil. – 1.5 mil.

40 (up 1)

18%

$1.5 mil. – $2 mil.

18 (no change)

0%

$2 mil. – $4 mil.

30 (down 1)

17%

$4 mil. & Up

4 (no change)

0%

Mill Valley’s 22 sales from July 2009 gave rise to the following averages: 86 days on the market; an average price of $963,591; and about 1,844 sq. ft. (or about $556 per sq. ft.). Homes in Tam Valley, Scott Valley, Sycamore Park, Boyle Park, Country Club, and Strawberry 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.

Readers of my monthly reports on Mill Valley, CA. are well aware of my love for Mill Valley. And what’s not to like? For starters: (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay, the Golden Gate Bridge (a short 5-10 minutes down HWY 101), and Mt. Tam, (3) excellent schools, (4) pleasant weather, (4) a mellow, laid back ambiance, (5) a town square unlike any other in Marin (you have to go to the town of Sonoma for anything like it), (6) diverse social events (think Mill Valley Film Festival & The Dipsea Race), (7) lots of good restaurants, and (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds.

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.

Middle Ridge (Mill Valley Neighborhoods Description)

September 16, 2008

Location. Location. Location. Middle Ridge (the community inhabiting the ridge between Blithdale and Cascade Canyons) is considered by many locals to be one of Mill Valley, California’s most desirable neighborhoods. It is known for being warm and sunny, with some outstanding views of the Bay and of San Francisco. It is just a few short blocks from downtown and many of Mill Valley’s finest homes are situated here.