Mill Valley Real Estate Market Report (February 2009 Home Sales Update)

Mill Valley real estate is strangely out of sync. Those who read my reports regularly will note that recent months have seen buyers make a concerted downshift. It seems that buyers have shifted into first gear (and I apologize in advance, but you are going to need to reconcile metaphors here) and are taking a few pitches in order to gauge the market. While it is looking like there may be an nominally better tax break in the Stimulus Bill, reports indicate we will not see a $15K tax credit. Whatever happens though, I sense that with the elimination of all the uncertainty regarding what the government is planning to do, we will then gather some traction. I know lots of folks are sitting on the sidelines waiting for the “right time” to buy. They will make their move this year as attractively priced new inventory drives the market.

While some buyers believe prices may slip a bit more, most appreciate the fact that interest rates have never, ever been lower (we are back down to 4.75% conforming rates this week). Indeed, mortgage math punishes those who don’t lock in at the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase.

Up just a bit from January 2009, the percentage of homes in escrow under $800,000 rose to 40% (it had been as low as 15% in November). Overall, we currently have enough homes to last 6 months in Mill Valley (this is called the absorption rate). However, if you limit that analysis to homes priced under $1 million, our absorption rate drops to just 3.75 months. Overall, Mill Valley saw an increase in the number of homes for sale (77). Just 3 “bead and butter” homes (those priced between $1 million to $2 million) are currently under contract (there were 7 in escrow last month). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues its long hibernation–a mere one luxury home has an accepted offer in place and just one home in this price band sold last month.

Speaking of sales, we saw 12 Mill Valley home sales close escrow in January 2009. They averaged 148 days on the market and sold for an average price of about $986,000 with about 1,844 sq. ft. (or about $518 per sq. ft). The numbers from January reflect the fact that 8 of the 12 sales were priced under $1 million (in Mill Valley, these are generally entry level homes). Homes in Strawberry, Sycamore Park, Middle Ridge, and Sunnyside continue to be in low supply and high demand. 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. It is always my pleasure to be of service.

Mill Valley Real Estate Market Report (December 2008 Home Sales Update)

To avoid sounding like a Pollyanna, this month’s Mill Valley market report is brief and restrained; necessarily so–sales numbers are down in the wake of the September meltdown in the equity markets. Clearly, the Mill Valley real estate market favors buyers. The “undercover buyers” (e.g., financially stable people waiting for the “right time” to buy) are not writing offers despite the delicious variety of choices. Continuing a trend first noted in my September 2008 market report, the percentage of entry level homes in escrow is down to 15% (it was 53% in July 2008). Supply has dwindled to just 79 homes for sale in Mill Valley and just 8 “bread and butter” homes (those priced between $1 million to $2 million) are in escrow. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues hibernating–zero luxury homes are in escrow. Perhaps this is an excellent environment for portfolio buyers? Yet, the approaching holidays bring hope. And the New Year brings more hope.

Mill Valley homes that sold during November 2008 (there were 14) averaged 104 days on the market and sold for an average price of about $1.3 million. They averaged about 2,080 sq. ft. (or about $661 per sq. ft).

Homes in Boyle Park, Middle Ridge, Sycamore Park continue to be in low supply and high demand. If you would like more information about neighborhoods, sales, or local references, just give me a call at (415) 350-9440 or e-mail me at Kyle@MillValley101.com. It is always my pleasure to be of service.

Mill Valley Homes & Real Estate (October 2008)

Homes in Boyle Park, Middle Ridge, Homestead Valley, and Sycamore Park continue to be in low supply and high demand. If you would like more information, just give me a call at (415) 350-9440 or e-mail me at Kyle@NorthBayRE.com. It is always my pleasure to be of service.

Mill Valley Homes & Real Estate (September 2008)

Homes in Boyle Park, Middle Ridge, Blithedale Canyon, and Cascade Canyon continue to be in low supply and high demand. If you would like more information, just give me a call at (415) 350-9440 or e-mail me at Kyle@NorthBayRE.com. It is always my pleasure to be of service.

Marin Luxury Homes (September 2008)

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California rose over the past month to 109, compared to 106 homes in August 2008. The slight rise in inventory coincided with a respectable month of sales with 16 homes sold in August 2008 (down by 4 from July).  

Mill Valley and Ross experienced the most luxury home sales (with 4 of these homes selling in each). Belvedere, Tiburon and Corte Madera each had 2 homes sold and Kentfield and Sausalito had 1 sale each. The average days on market for homes that sold was a mere 95 days (25 days more than in July) and the average sales price was $2.927 million (roughly $875/per sq. ft.), with an average of 3,503 square feet. Belvedere and Tiburon seem to be hot as they each have 6 homes in escrow.

Mill Valley 101

Welcome to Mill Valley 101, an introduction to one of the San Francisco Bay Area’s most popular and enriched towns. The allure of Mill Valley has many facets.

It is located just minutes from the iconic Golden Gate Bridge. And Mill Valley’s neighborhoods are diverse and her inhabitants educated. Naturally, the schools of Mill Valley are some of the best in California.

Mill Valley offers a wide variety of outdoor activities. It is just minutes away from the giant redwoods of Muir Woods and the virually unlimited hiking and biking opportunities provided by Mount Tamalpais. Beaches and the San Francisco Bay are in within easy walking or biking distance. There are numerous parks and fields sprinkled throughout the town.

Mill Valley Homes & Real Estate (August 2008)

Predictably and in line with June 2008, 53% of homes priced under $800,000 and 18% of homes between $1 million and $1.5 million are in escrow. Mill Valley’s inventory of single family homes for sale is about 102 homes currently on the market (there were 107 in July 2008). Mill Valley homes that sold during the past month averaged 56 days on the market and sold for an average price of about $1.726 million (about $724 per square foot), and averaged about 2,348 square feet.  

Marin Luxury Homes (August 2008)

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California fell over the past to 106, compared to 122 homes in July 2008. This time of year is the typical slow season as sellers recalculate their positions, buyers are out of the County on vacations, etc., and a number of agents doze off, waiting for things to pick back up in the Autumn. Indeed, the lower inventory was accompanied by a respectable month of sales with 20 homes sold in July 2008. 

Mill Valley led the way with the most luxury home sales (4 of these homes sold). Tiburon and Larkspur followed with 3 homes sold and Kentfield and San Rafael had 2 sales each. Ross, San Anselmo, and Corte Madera had 1 sale each. The average days on market for homes that sold was a mere 70 days (14 days more than in June) and the average sales price was $2.576 million (roughly $907/per sq. ft.), with an average of 3,083 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also fell–we now have just 46 active listings, compared with 54 last month

 [ ... click here for the complete report courtesy of NorthBayRE.com].

Marin Luxury Homes (July 2008)

The number of homes for sale in the $2 million to $4 million luxury home market in Marin County, California dipped slightly this month with 121 active listings, compared to 127 homes in June 2008. This reduction in inventory was accompanied by another solid month of sales–26 homes sold (one more than in May 2008). As noted last month, and this bears repeating, while the number of homes sold in the non-luxury market this year compared to last year is down by about 25%-30% (depending on where you look), the luxury market has NOT experienced a similar decline. This is great news for owners of luxury homes in Marin!

Mill Valley and Kentfield led the way with the most luxury home sales (each with 5 homes sold). Belvedere, Larkspur, and San Rafael had 3 sales each. Ross, San Anselmo, and Sausalito had 1 sale. The average days on market for homes that sold was a mere 59 days (8 days less than last month) and the average sales price was just under $2.5 million (roughly $772/per sq. ft.), with an average of 3,353 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) rose to 54 active listings, compared with 46 last month. Tiburon, as usual, boasts the largest number of such homes with 19.

[ ... click here for the complete report courtesy of NorthBayRE.com].

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