March 2018 Mill Valley Home Sales Update | Top Agent Real Estate Report | Pacific Union

March 15, 2018

March 2018 Mill Valley Home Sales Update | Top Agent Real Estate Report | Pacific Union. Last month in this space, I asked “How to buy a Mill Valley home in 2018?” The answer for those who bought in February 2018 focused mostly on bringing a lot of money. And throwing some excellent in terms into mix, as well. Marin County’s touchstone town, Mill Valley has become a very trendy place to live. Although I saw a guy wearing a t-shirt the other day that said “Bring Mill Valley back to Mill Valley.” Guessing he’s not the only one who feels that way.

Located just north of the iconic Golden Gate Bridge and home to just 14,000 residents, Mill Valley is widely considered one of the most desirable small towns in the entire Bay Area  (click HERE for a video about Mill Valley). Affluent buyers from all walks of life are drawn to Mill Valley’s mellow vibe, low crime, good schools (Tamalpais Union HSD is one California’s top High School Districts), excellent outdoor opportunities (Muir Wood, Mt. Tam, and Stinson Beach) and welcoming downtown shopping district with great restaurants and cafes.millparks125x250

February 2018  home sale numbers (we had 16 trades) were mostly limited by the rarity of listings and time of year. Inventory of homes for sale remains the biggest challenge for buyers. The average sales price of $2. 149 million was up almost $1 million over the prior month (shedding light on just how misleading month-to-month housing stats can be. Nonetheless, it reflects the upward trend of prices generally seen in Southern Marin. The sold properties of February 2018 averaged 2,529 square feet at $969 per sq. ft. Despite ongoing upward price movement, Mill Valley home buyers continue acting quickly (and with very strong terms) when exceptional properties in desirable locations hit the market. Multiple offers remain common on such homes, coupled with short contingencies. I expect that this will continue through the first half of 2018 — buyer and agent home preparation activity so far in 2018 has been very high.

News Flash: I have a new listing coming up in Homestead Valley. It features a newly renovated Kitchen, private location, 5 beds, 2.5 baths and 2-car garage. Price to be $2,499,000. Call me if interested. This has not been shared with my networking groups yet.

There are currently just 29 single family homes listed for sale in Mill Valley. Mill Valley’s current absorption rate is less than 2 months (4-6 months is considered a “balanced” market). This is about the tightest market I have seen in my 15 years in Marin real estate. Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:

  • 43% of homes below $1 million;
  • 65% of homes between $1 million and $1.5 million;
  • 50% of homes between $1.5 million and $2 million;
  • 20% of homes between $2 million and up.

Of the 16 homes that sold in February 2018:

  • 5 homes were under $1.5 million;
  • 11 homes priced from $1.5 million and up.

MLS Listings in Sycamore Park, Tam Park, Homestead Valley, Boyle ParkMiddle Ridge and Strawberry neighborhoods generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Pacific Union International Real Estate. It is always my pleasure to be of service.

Top Agent (January 2016) Mill Valley Real Estate Report | Pacific Union

January 7, 2016

Mill Valley Real Estate Report (January 2016 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). For the unaquainted, Mill Valley (just north of the Golden Gate Bridge, across the bay from San Francisco) is widely considered one of the most desirable towns in the Bay Area. Affluent buyers from all walks of life live and thrive here. December 2015 was a very active month for home sales — there were 27 trades, which is nearly double the number of home sales recorded in December 2014 (there were just 15). The average sales price of approximately $1.895 million, was also a bit higher than 2014. In fact, virtually every metric used to assess the strength of a given market trended positive. The sold properties of December 2015 averaged 2,414 square feet at $787 per sq. ft. (in 2014, the average size and price per foot were 2,399 square feet and $726 per sq. ft.). As pricing increased significantly over the past couple of years, Mill Valley home buyers have not been deterred. Exceptional properties in desirable locations and with reasonably calculated pricing strategies continue to receive multiple offers with bid prices well above asking price (indeed, multiple offers are quite common on such homes), coupled with short contingencies. I expect that this will continue in 2016.

There are currently just 10 single family homes currently listed in Mill Valley. This incredibly low inventory reflects the time of year, but nonetheless renders a whisper thin absorption rate of about 11 days (6 months is considered “balanced”). Below are the percentages of homes in escrow in each of Mill Valley’s major price bands (note that due to increased prices, I have eliminated the “under $800,000″ price level in my analyses):

  • 43% of homes below $1 million;
  • 53% of homes between $1 million and $1.5 million;
  • 50% of homes between $1.5 million and $2 million;
  • 38% of homes between $2 million and up.

Of the 28 homes that sold in December 2015:

  • 20 homes were under $1.5 million;
  • 8 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Boyle ParkMiddle Ridge and Strawberry neighborhoods generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

Mill Valley Real Estate Report (September 2014 Home Sales Update) | Pacific Union

September 26, 2014

Mill Valley Real Estate Report (September 2014 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). After a fairly slow Summer sales season, due in part to the natural lull in the selling cycle, the post Labor Day sales season seems equally uninspired. As for August sales, Mill Valley accounted for just 28 homes sold. This is low. These homes traded on average for $1.326 million and 2,062 sq. ft. (or about $643 per sq. ft.). Comparing these numbers to past market updates, one can see a dramatic rise in both sale prices and price per foot over the past year (although well off July 2014 figures). Buyer enthusiasm seems muted by the rapid rise in pricing from 2013 to 2014. Nonetheless, many properties in desirable locations and with reasonably calculated pricing continue to receive multiple offers with bid prices as much as 10% above asking price, coupled with short contingencies. This momentum extends beyond just the entry level homes and int the luxury segment over $2 million (although we only had 3 homes sell for over $2 million in August 2014, compared with 8 in June).

There are 61 single family homes currently active on the market in Mill Valley. The current absorption rate in Mill Valley is a low 2 months (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■50% of homes priced under $800,000;
■38% of homes between $801,000 and $1 million;
■37% of homes between $1 million and $1.5 million;
■38% of homes between $1.5 million and $2 million;
■23% of homes between $2 million and up.

Of the 28 homes that sold in September 2014:
■7 homes were priced under $800,000;
■12 homes priced from $800,000 to $1.5 million; and
■9 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Boyle ParkMiddle Ridge and Strawberry generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

Kyle Frazier, Pacific Union Int'l

Mill Valley Real Estate Report (July 2014 Home Sales Update) | Pacific Union

July 29, 2014

Mill Valley Real Estate Report (July 2014 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). Summer is typically slow for Mill Valley real estate sales. This year feels like it is no exception. However, as I was writing this last sentence I took a break to review my Mill Valley Real Estate Reports for July going back to 2007 (YES — I have been writing these updates for over 7 years now). What I found is a little surprising — our Mill Valley sales numbers for June 2014 are actually the highest we have seen in that month for at least 7 years. Let’s take a look back:

In July 2007, the year that most Marin County realtors point to as the apex of home sales in Marin, there were 40 sales. This seems interesting as inventory is so low right now and there are so few homes coming to market under $1 million in Mill Valley, which limits buyer activity at this very hot price point in Southern Marin. Other notes from 2007 — A) the average days on market was 50 days (July 2014 was 31 days); B) the average sales price was $1.76 million (July 2014 was $1.68 million); C) the average price per foot was $702 (July 2014 was $744). Seems to me like the housing market has fully recovered in Mill Valley, CA from the dark days of 2009-2012.

Certainly, the result of low interest rates and even lower inventory is brisk home sales. In June 2014, we had 41 single family home sales. These homes traded on average for $1.682 million and averaged 2,285 sq. ft. (or about $744 per sq. ft.). Comparing these numbers to past market updates, one can see a dramatic rise in both sale prices and price per foot over the past year. Despite the sudden rise in pricing in 2013, many properties continue to receive utterly extraordinary multiple offers with bid prices as much as 20% above asking price, coupled with short contingencies. This momentum extends beyond just the entry level homes and int the luxury segment over $2 million (we had 8 homes sell for over $2 million in June 2014, compared with 4 in January).

Just 48 single family homes are currently active on the market in all of Mill Valley. The current absorption rate in Mill Valley is very low — it stands at about 1 month (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■57% of homes priced under $800,000;
■50% of homes between $801,000 and $1 million;
■73% of homes between $1 million and $1.5 million;
■33% of homes between $1.5 million and $2 million;
■13% of homes between $2 million and up.

Of the 41 homes that sold in June 2014:
■2 homes were priced under $800,000;
■22 homes priced from $800,000 to $1.5 million; and
■17 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Boyle Park, Middle Ridge and Strawberry generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

Kyle Frazier, Pacific Union Int'l

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

November 21, 2012

Our Mill Valley, California real estate market continues to shine as sales during the month of October 2012 numbered 31. These properties sold for an average price of about $1.4 million and averaged 2,516 sq. ft. (or about $574 per sq. ft.).  While, similar to the rest of Marin, an extremely low inventory of homes for sale continues to negatively impact potential sales numbers, pricing remains the key ingredient determining buyer interest levels and salability. As much as ever, buyers continue to insist on undeniable value with an emphasis on turnkey homes. If they don’t see it in a particular property, they will continue to wait. The number of listings actively on the market in the MLS has decreased to the point of extreme scarcity (there are only 45 homes on the market in all of Mill Valley as of this writing). The absorption rate in Mill Valley currently stands at just over 1 month (6 months is considered “balanced”).

As is evidenced by virtually all criteria — market data, real estate forecasts, and buyer demand — the overall health for Mill Valley real estate has improved dramatically over the course of 2012. 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, the number of sales in this traditionally strong Mill Valley price bracket were low. Yet last month alone, 14 trades took place in this range.

The percentages of home in escrow are:

  • up to $800K — 73%
  • $800-$1 mil — 38%
  • $1 mil to $1.5 mil — 56%
  • $1.5 mil to $2 mil — 30%
  • $2mil & Up — 13%

Listings in Boyle Park, Homestead Valley, Sycamore Park, and Cascade Canyon 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 Real Estate Report (September 2011 Home Sales Update) | Pacific Union International

September 27, 2011

August 2011 home sales in Mill Valley rose to 37 trades (pretty strong number considering the Summer is normally very slow for Marin County real estate)). These properties sold for an average price of $1.229 million and averaged 2,328 sq. ft. (or about $530 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 increased as we enter the slower Summer season to 106. The percentage of homes in escrow:

  • Under $800,ooo — 43%
  • $800,000 to $1 million — 31%
  • $1 million to $1.5 million — 37%
  • $1.5 million to $2 million — 11%
  • Above $2 million — 19%

Listings in Strawberry, Boyle Park, Middle Ridge, and Homestead 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 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 July 2011 Home Sales Update)

July 31, 2011

June 2011 home sales in Mill Valley rose to 35 trades (up from 28 in May). These properties sold for an average price of $1.245 million and averaged 2,365 sq. ft. (or about $547 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.

The number of listings actively on the market in the MLS has increased as we enter the slower Summer season to 106. The percentage of homes in escrow:

  • Under $800,ooo — 35%
  • $800,000 to $1 million — 29%
  • $1 million to $1.5 million — 22%
  • $1.5 million to $2 million — 22%
  • Above $2 million — 10%

Listings in Strawberry, Boyle Park and Homestead 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 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 January 2011 Home Sales Update)

January 3, 2011

December 2010 home sales in Mill Valley totaled 20. These trades sold for an average price of $1,149,219 and averaged 2,364 sq. ft. (or about $491 per sq. ft.).  The end of 2010 saw a heightened sense of security from buyers of homes in the bread-and-butter Mill Valley price range of $1.5 million to $2 million. We had 6 such sales and another 5 between $1 million and $1.5 million. The number of listings actively on the market in the MLS a very low 64 — most sellers took their homes off the market as Winter set in. Inventory will increase again beginning in February and peak in May or June. It will be interesting to see how sales play out in Q1 as it appears that bonuses for employees working in the San Francisco financial sector may spur luxury sales in our highly desirable city.

The percentage of homes in escrow:

  • Under $800,ooo — 38%
  • $800,000 to $1 million — 21%
  • $1 million to $1.5 million — 30%
  • $1.5 million to $2 million — 21%
  • Above $2 million — 10%

Listings in Homestead Valley 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 for Spring 2011. 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@ImagineMarin.com. It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.

Christie’s Great Estates Mill Valley Real Estate Report (October 2010 Home Sales Update)

October 29, 2010

The number of September 2010 home sales in Mill Valley totaled 19 and gave rise to the following averages: an average price of $1,307,026 and approximately 2,475 sq. ft. (or about $494 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, a few months ago, the price per square foot was $640 in Mill Valley. This is because the composition of sales varies from month to month — at best, price per square foot is a blunt instrument.  The number of listings actively market on the MLS is on the low side (137) as many sellers have decided to take their homes off the market as Fall sets in.

The percentage of homes in escrow:

  • Under $800,ooo — 31%
  • $800,000 to $1 million — 21%
  • $1 million to $1.5 million — 23%
  • $1.5 million to $2 million — 30%
  • Above $2 million — 12%

Listings in Homestead Valley 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. 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.

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

June 14, 2009

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.

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

Price Range

Total Active Homes

Pending Listings

Up to $800K

19 (up 4)

27%

$800K – $1 mil.

26 (up 3)

28%

$1 mil. – 1.5 mil.

42 (up 1)

14%

$1.5 mil. – $2 mil.

20 (down 1)

20%

$2 mil. – $4 mil.

30 (up 1)

9%

$4 mil. & Up

5 (up 1) 

0% 

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.

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