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

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 (January 2009 Home Sales Update)

Entering the new year, there is optimism that the Mill Valley, California real estate market will gather traction following the slowdown of late 2008. I suspect that the “undercover buyers” who have been sitting on the sidelines waiting for the “right time” to buy will make their move as new inventory hits the market and old inventory prices recalibrate (downwards). Although many buyers still believe prices may slip a bit more, many of them also appreciate the fact that interest rates have never, ever been lower (this was the 4th week in a row with record low rates)–these rates are not likely to last. Mortgage math punishes those who don’t lock in at the lowest rate possible–even if prices dipped 5%, if interest rates went up 1-point, the monthly payment would in many cases be higher. In light of the once in a lifetime low rates, surprisingly low prices, and the wide variety of home choices, I anticipate an up-tick in activity. Also, those who were fortunate enough to receive a year end bonus for 2008 (I know that quite a few San Francisco companies and law firms handed out their regular bonuses) are set to move forward on their purchases.

In a reversal from the past quarter, the percentage of homes in escrow under $800,000 rose to 38% (it had been as low as 15% in November) with an absorption rate of 7 months (e.g., a 7-month supply of homes). Overall, Mill Valley inventory dipped to 74 homes for sale. Just 7 “bead and butter” homes (those priced between $1 million to $2 million) are currently under contract. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues hibernating–a mere one luxury home has an accepted offer in place.

As for sales, we had 10 Mill Valley home sales close escrow in December 2008 (there were 14 in November 2008). They averaged 127 days on the market and sold for an average price of about $917,000 with about 1,890 sq. ft. (or about $493 per sq. ft). The numbers from December reflect the fact that 7 of the 10 sales were priced under $1 million (in Mill Valley, these are generally entry level homes).

Homes in Boyle Park and Sycamore Park 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 Real Estate Market Report (November 2008 Home Sales Update)

Homes in Boyle Park, Middle Ridge, Almonte, 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@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.

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.  

Mill Valley Homes & Real Estate (July 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.