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

July 18, 2009

The Mill Valley real estate market remains predictably unpredictable — after logging 17 sales in May 2009, we had a robust 29 sales in June 2009. Typically, sales slow down as Summer begins and families focus more on vacations and outside activities. That slowdown will be reflected in July sales numbers. Nonetheless, there is serious value in Mill Valley right here, right now. This is true for every price band. 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 chart tracks asking prices and shows that since November 2007 prices have slid from about $740 per square foot to about $615. As I have noted in market updates relating to other towns in Marin, asking prices have flattened out over the past 6 weeks. It will be interesting to see if this is a leading indicator of increased sales prices that carries into the Fall.

Based on last month’s sales total of 29, we currently have an overall inventory of homes sufficient to last a bit more than 4.6 months. This a HUGE reduction from the absorption rate the month before, which stood at well over 8 months. Indeed, along with the larger number of sales, lots of inventory was removed from the market for the Summer and the number of homes for sale dropped to 134.

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 14% (about the same as last month). Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) saw some meaningful activity with 4 sales last month (including an off market sale for $5 million) and another 3 currently in escrow.

Price Range

Total Active Homes

Pending Listings

Up to $800K

15 (down 4)

32%

$800K – $1 mil.

21 (down 5)

38%

$1 mil. – 1.5 mil.

39 (down 3)

15%

$1.5 mil. – $2 mil.

18 (down 2)

14%

$2 mil. – $4 mil.

29 (down 1)

3%

$4 mil. & Up

4 (down 1)

0%

Mill Valley’s 29 sales from June 2009 gave rise to the following averages: 98 days on the market; an average price of $1.47 million; and about 2,485 sq. ft. (or about $595 per sq. ft.). Homes in Scott Valley, Sycamore Park, Boyle Park, Country Club, 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.

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. I also have a fixer listed in Homestead Valley that is a super value play, priced at $699,000 (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.

Homestead Valley (Mill Valley Neighborhoods Description)

September 16, 2008

Roughly stated, Homestead Valley sits between Sycamore Parkand Tam Valley–think “across from Whole Foods.” George Lucas lived here, above Tamalpais High School, way back when.

It is an unincoprated area with about 1,100 homes. Homes here vary in stature and price. There are fine estates with super views and cabin-sized dwellings in need of love.

Stolte Grove is a delightful park in HV, bisected by Reed Creek. It has picnic tables, barbecues, and a stage on which my girls have been known to provide impromptu performances of varying qualities and lengths. There is also garden area nearby. You can find both of these parks at Montford and LaVerne Avenues on the the loop. The Marin Horizon School is in Homestead Valley (pre-school through eighth grade).

Blithedale Canyon (Mill Valley Neighborhoods Descriptions)

September 16, 2008

Blithedale Canyon is easy to find. Just head west on E. Blithedale until you pass the Art Club (where I got married) and head into the trees. This area is fabulous and is home to many of Mill Valley’s celebrities and elite. It boasts tall redwoods, lots of trails, parkland, and prototypically narrow Mill Valley streets.

Many homes are just a short walk to downtown. Many other homes are way up in the hills–the ultimate in privacy. At bottom, the canyon is dominated by the gentle flow of Corte Madera Creek–it’s a quiet, redwooded haven for crafstman-style cottages, cabins, blackberry bushes, deer, old stone walls, foggy mornings, and even some hidden staircases. Above all, it’s a fine place for a relaxing stroll. 

Many hikers start their days at the Old Railroad Grade trailhead.

Mill Valley Homes & Real Estate (September 2008)

September 16, 2008

All year long, it has seemed that buyers and agents alike have lamented the seeming lack of inventory of homes for sale in Mill Valley. Yet, inventory is actually up by over 20%. While many buyers with a strong desire to buy and market insight are finding great value in homes right now, other buyers are paying premiums for special homes in key locations and with unique attributes. Overall, Mill Valley’s real estate market is cruising into the Fall with good bit of momentum (although sales are down from last year). It remains a market that favors buyers who are flexible and willing to make sacrifices in order to obtain value. Meanwhile, many sellers have decided to wait for the real estate market to improve. Interestingly, I am also seeing many folks come through open houses who fit the following profile: they sold their homes a couple of years ago and have been renting with the expectation that home prices would come down (as with the dot-com bust, many saw the current real estate market slowdown on the horizon). Although prices have not dipped in Mill Valley as they have in Northern Marin, these potential buyers are eyeing the current market hungrily and many of them are investigating their options.  
 
Oddly, August 2008 saw a marked slowdown in the percentage of entry level homes in escrow from July 2008 (it dropped from 53% of homes priced under $800,000 to 20%). Mill Valley’s inventory of single family homes for sale is about 142 homes currently on the market (there were 102 in August 2008). The vast majority of homes are priced between $1 million to $2 million and 15 of those homes are currently in escrow, along 6 more in the luxury market between $2 million and $4 million. Historically, September and October bring an uptick in sales.
 
Mill Valley homes that sold during the past month averaged 88 days on the market and sold for an average price of about $1.358 million (about $689 per square foot). Note here that the low end of the Mill Valley market is hanging tough and that there are ONLY 2 homes currently on the market under $750,000. How’s that for stiff price for entry.   
 

Price Range

Total Active Homes

Pending Listings

Up to $800K

12 (up 6)

20%

$800K – $1 mil.

12 (down 5)

20%

$1 mil. – 1.5 mil.

42 (up 2)

23%

$1.5 mil. – $2 mil.

28 (up 9)

7%

$2 mil. – $4 mil.

18 (up 7)

25%

$4 mil. & Up

2 (down 1) 

33% 

 

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.

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.

Marin Luxury Homes (September 2008)

September 14, 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.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) receded a bit. There are 40 active listings

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

Mill Valley 101

September 3, 2008

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)

August 17, 2008

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.

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.  

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.

Marin Luxury Homes (August 2008)

August 15, 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].

Mill Valley Homes & Real Estate (July 2008)

July 17, 2008

As Marin experiences its seasonal slowdown this time of year (a.k.a. the Summer selling season), Mill Valley’s sales numbers continue skirting the stratosphere. 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 reflect that fact–and for good reason.  

Predictably and in line with May 2008, 57% of homes priced under $800,000 and 26% of homes between $1 million and $1.5 million are in escrow. I have noted in past months that Agents were exhibiting ”a sense of purpose” and the numbers reflect that. Mill Valley’s inventory of single family homes for sale is about 107 homes currently on the market (there were 110 in June 2008). Mill Valley homes that sold during the past month averaged 65 days on the market and sold for an average price of about $1.284 million (about $654 per square foot), and averaged about 2,031 square feet.  

Price Range

Total Active Homes

Pending Listings

Up to $800K

6 (down 3)

57%

$800K – $1 mil.

15 (down 2)

26%

$1 mil. – 1.5 mil.

43 (up 12)

9%

$1.5 mil. – $2 mil.

19 (down 7)

24%

$2 mil. – $4 mil.

21 (down 7)

25%

$4 mil. & Up

3 (up 1) 

0% 

Homes in Sycamore Park, Sunnyside, Kite Hill, Boyle Park, 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.

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