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. Along with all this, there is serious value right here, right now. This is true for every price band in Mill Valley. Note to buyers: write offers! A closed mouth does not get fed. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com.

The above graph charts asking prices and shows that since November 2007 prices have slid from about $740 per square foot to about $610. While some buyers believe prices may slip a bit more, most understand that while interest rates have risen 70 basis points in the past 3 weeks, they are still very low and that mortgage math punishes those who don’t lock in at or near the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase dramatically for an $800K home with 20% down (call me for exact numbers relating to a given situation). 

Based on last month’s sales total of 17 (we had 14 sales in April), we currently have an overall inventory of homes (AR) sufficient to last a bit more than 8.35 months in Mill Valley, CA (down from 11 months last month). Overall, the number of homes for sale rose to 142 (way up from 90 in February 2009). The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is hovering at 12. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) remains feeble with 3 sales last month and another 3 currently in escrow. 

Mill Valley’s 17 sales from May 2009 gave rise to the following averages: 64 days on the market; an average price of $1.167 million; and about 2,183 sq. ft. (or about $528 per sq. ft.). Homes in 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. 

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 also have a fixer listed in Homestead Valley that is a super value play, priced at $699,800 (3 Beds/3 Baths, 14,000 sq. ft. lot backing Molino Park). 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.

The median price per square foot has dipped to about $575 per sq. ft. (which is down from well over $800 in mid-2007). While some buyers believe prices may slip a bit more, as noted above, most appreciate the fact that interest rates are very appealing. Indeed, mortgage math punishes those who don’t lock in at or near the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase rather significantly for an $800K home with 20% down (call me for exact numbers relating to a given situation). 

Down from April 2009, the percentage of homes in escrow under $800,000 slipped to 21%. I have a fixer listed in Homestead Valley that is a super value play, priced at $768,800 (3 Beds/3 Baths, 14,000 sq. ft. lot backing Molino Park). If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com.

Based on last month’s sales total of 14 (we had 11 sales in March), we currently have an overall inventory of homes (AR) sufficient to last a bit more than 11 months in Mill Valley, CA.

Overall, the number of homes for sale rose to 133 (way up from 90 in February). The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is hovering at 1. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) seems to be improving as we have 5 such homes currently in escrow to go along with a couple of sales last month. 

Of the 14 sales to close escrow in April 2009, they averaged 64 days on the market and sold for an average price of about $1.41 million with about 2,394 sq. ft. (or about $575 per sq. ft.). Homes in Homestead Valley, Sycamore Park, Boyle Park, 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. It is always my pleasure to be of service.

p.s. I currently have a couple potential sellers waiting in the wings with homes not on the MLS, please contact me to determine if any of these opportunities fit your needs.

Readers of my monthly reports on Mill Valley, CA. are well aware of my love for Mill Valley. They are also among the most informed consumers of Marin real estate (why else would they be reading my blog?). As such, despite my bias favoring Mill Valley, these consumers KNOW that Mill Valley presents serious value — right here, right now. This is true for every price band. 

Here are some numbers to contemplate: (1) just eleven homes sold in Mill Valley last month — a slow market; (2) of the eleven homes that sold, four were priced under $800K; (3) the bread-and-butter price band is experiencing an abysmal 8% to 13% escrow rate; (4) the current absorption rate (AR) for homes in Mill Valley’s sweet spot (homes priced between $1 million and $2 million) is an amazingly high 17.25 months. 

Note to buyers: write offers! A closed mouth does not get fed. Ask and you shall receive. Life happens and people have to sell their homes. Last night on Larry King, Donald Trump said that he has never seen a window of opportunity like this one and that this is the best time to buy real estate he has ever seen. Whatever you think of the source, can you really disagree? Don’t have a down payment? If not, do what it takes and put one together. Interest rates will shoot up at some point, evaporating affordability.

If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | Kyle@MillValley101.com.  

For several months my Mill Valley, CA, real estate report has noted that the market “is strangely out of sync,” buyers “are taking a few pitches to see what happens,” and I have also aired my suspicions about “undercover buyers” who are ready to buy and want to buy the “right” home. More than ever, I believe this is all true. And all I can say is “write offers.” 

As evidenced by the above graph, The median price per square foot has dipped to about $625 per sq. ft. (which is down from well over $800 in mid-2007). While some buyers believe prices may slip a bit more, as noted above, most appreciate the fact that interest rates are very appealing. Indeed, mortgage math punishes those who don’t lock in at or near the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase rather significantly for an $800K home with 20% down (call me for exact numbers relating to a given situation). 

Down from March 2009, the percentage of homes in escrow under $800,000 slipped to 26% (it had been as low as 15% in November 2008). I have a fixer listed in Homestead Valley that is a super value play (3 Beds/3 Baths, 14,000 sq. ft. lot backing Molino Park).

Based on last month’s sales total of eleven, we currently have an overall inventory of homes (AR) sufficient to last about 12 months in Mill Valley, CA.  Overall, the number of homes for sale rose to 122 (way up from 90 a month ago). The number of “bead and butter” homes (those priced between $1 million to $2 million) currently in escrow is a mere 9 — (which is low, but there were just 3 in escrow in February 2009). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up remains drowsy — just a single luxury home closed last month, but there are three currently in escrow. 

Of the 11 sales to close escrow in March 2009, they averaged 119 days on the market and sold for an average price of about $1.25 million with about 2,047 sq. ft. (or about $645 per sq. ft.). Homes in Homestead Valley, Sycamore Park, Middle Ridge, 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. It is always my pleasure to be of service.

p.s. I currently have a couple potential sellers waiting in the wings with homes not on the MLS, please contact me to determine if any of these opportunities fit your needs.

For several months my Mill Valley, CA, real estate report has noted that the market “is strangely out of sync,” and that buyers “are taking a few pitches to see what happens,” and I have also aired my suspicians about “undercover buyers” who are ready to buy and want to buy the “right” home. More than ever, I believe this is all true. At Morgan Lane we have about $12 million of closings taking place in the next week or so (and we closed a $4 million Mill Valley deal last month). If we can gather a little wind behind our sails, I believe we will be off to the races. Certainly, sellers seem to grasp the need for aggressive pricing and it appears that attractive new inventory will help drive the market in 2009. 

As evidenced by the above graph, The median price per square foot has dipped to about $625 per sq. ft. (which is down from well over $800 in mid-2007). While some buyers believe prices may slip a bit more, most appreciate the fact that interest rates are very appealing. Indeed, mortgage math punishes those who don’t lock in at or near the lowest rate possible. For example, if prices dip another 5% and interest rates go up just 1%, the monthly payment would increase rather significantly for an $800K home with 20% down (call me for exact numbers relating to a given situation). 

Up just a bit from February 2009, the percentage of homes in escrow under $800,000 rose to 43% (it had been as low as 15% in November 2008). Based on last month’s sales total (we had 9 sales in February 2009), we currently have an inventory of homes sufficient to last 10 months in Mill Valley, CA (this is called the absorption rate).  Overall, the number of homes for sale rose to 90 (from 73 in January 2009). The number of “bead and butter” homes (those priced between $1 million to $2 million) currently in escrow is 8 — nearly tripling last month’s number (there were just 3 in escrow last month). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues its sleepy hibernation–just a single luxury home closed last month (the aforementioned $4 million sale) and there none currently in escrow. 

 

Of the 9 sales to close escrow in February 2009, they averaged a low 61 days on the market and sold for an average price of about $1.25 million with about 2,283 sq. ft. (or about $512 per sq. ft, which is down from $518 sq. ft. last month). The numbers from February reflect the fact that 5 of the 9 sales were priced under $1 million (in Mill Valley, these are generally entry level homes). Homes in Homestead Valley, Sycamore Park, Middle Ridge, and Kite Hill 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.

p.s. I currently have a couple potential sellers waiting in the wings with homes not on the MLS, please contact me to see if any of these opportunities fit your needs.

As our Summer selling season wears on, Mill Valley’s real estate market has sustained itself nicely. Across the board, this year has simply seen less inventory than the past few years as sellers have decided to wait for the real estate market to improve (although sales in Mill Valley are strong despite the media characterizations).

 

Home sales are strong because everyone loves Mill Valley. And here are a couple of reasons why: (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay 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), (7) lots of good restaurants, (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds, and (9) virtually unlimited access to nature. 

 

This is not news to anyone who follows my monthly reports. Mill Valley is simply one of the most desirable communities in Marin and its sales and prices reflect that fact.

Price Range	Total Active Homes	Pending Listings
Up to $800K	6 (no change)	53%
$800K - $1 mil.	17 (up 2)	22%
$1 mil. - 1.5 mil.	40 (down 3)	18%
$1.5 mil. - $2 mil.	19 (no change)	9%
$2 mil. - $4 mil.	17 (down 4)	23%
$4 mil. & Up	3 (up 1)	0%

 

Homes in Boyle Park, Middle Ridge, Homestead Valley and Cascade Canyon continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at Kyle@NorthBayRE.com.