Mill Valley Homes & Real Estate (October 2008)
October 14, 2008
Dear Mill Valley Homeowners– breathe easy. While the economic news is not good, your insightful decision to purchase Mill Valley real estate has likely left you in a good position. While prices tumble in other areas, even in the San Francisco Bay Area, you should, and will be, OK as we are not susceptible to the Fundy Market Phenomenon.
And for buyers with real estate market insight, there are great values out there right now. Indeed, competitively priced Mill Valley homes in desirable neighborhoods are selling quickly. It is a market favoring buyers in all price ranges, but for the entry level.
The number of Mill Valley home sales in September 2008 was down by 2 from August. Yet, while August 2008 experienced a slowdown in the percentage of entry level homes in escrow (e.g., those priced under $800,000), the percentage was back up to 38% in September–in July 2008 that percentage was an astonishing 53%. The $1.5 to $2 million price band is also performing well with 24% of these homes in escrow.
Currently, we have about 166 homes for sale in Mill Valley (up from 142 homes in September). The preponderance of these homes are priced between $1 million to $2 million–9 are currently in escrow. Meanwhile, the luxury market in Mill Valley is slow with just 2 homes in escrow out of 27.
Mill Valley homes selling in September 2008 averaged 100 days on the market and sold for an average price of about $1.611 million (roughly $806/sq. ft.). As mentioned last month, the low end is hanging tough–there are ONLY 2 homes currently on the market under $750,000.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
13 (up 1) |
38% |
|
$800K – $1 mil. |
25 (up 13) |
12% |
|
$1 mil. – 1.5 mil. |
49 (up 7) |
20% |
|
$1.5 mil. – $2 mil. |
29 (up 1) |
24% |
|
$2 mil. – $4 mil. |
23 (up 5) |
9% |
|
$4 mil. & Up |
4 (up 2) |
0% |
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.
