Mill Valley Real Estate Report (October 2011 Home Sales Update) | Pacific Union International
November 11, 2011
September 2011 home sales in Mill Valley dipped to just 21 trades (this is reflective of the traditional slowdown related to Summer — e.g., because few homes go into escrow in August, there are few closings in September). These properties sold for an average price of $1.246 million and averaged 2,344 sq. ft. (or about $539 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 decreased to 83 homes. This is extraordinarily low inventory even for this time of year.
The percentage of homes in escrow are:
- Under $800,ooo — 48%
- $800,000 to $1 million — 19%
- $1 million to $1.5 million — 25%
- $1.5 million to $2 million — 13%
- Above $2 million — 14%
Listings in Sycamore Park, Boyle Park, and Tam 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 2012. 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 International Real Estate | Pacific Union International Mill Valley, CA.
Mill Valley Real Estate Report (Pacific Union June 2011 Home Sales Update)
June 29, 2011
May 2011 home sales in Mill Valley held steady with 28 trades (up from 13 in January!). These properties sold for an average price of $1.058 million and averaged 1,952 sq. ft. (or about $552 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. Now, more than ever, is the time for sellers to be very careful about who they have negotiating for them — poor negotiating by “say anything” agents can result in losses of tens or hundreds of thousands of dollars.
The number of listings actively on the market in the MLS has increased as we enter the slower Summer season to 122. The percentage of homes in escrow:
- Under $800,ooo — 39%
- $800,000 to $1 million — 30%
- $1 million to $1.5 million — 25%
- $1.5 million to $2 million — 24%
- Above $2 million — 4%
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 CA. Real Estate Market Report (March 2009 Home Sales Update)
March 11, 2009
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.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $750K |
7 (down 5) |
43% |
|
$750K – $1 mil. |
27 (up 11) |
7% |
|
$1 mil. – 1.5 mil. |
32 (down 10) |
19% |
|
$1.5 mil. – $2 mil. |
15 (down 13) |
13% |
|
$2 mil. – $4 mil. |
19 (up 1) |
0% |
|
$4 mil. & Up |
3 (up 1) |
0% |
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.
Mill Valley Real Estate Market Report (February 2009 Home Sales Update)
February 12, 2009
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)
January 11, 2009
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)
December 12, 2008
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)
November 13, 2008
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
11 (down 1) |
15% |
|
$800K – $1 mil. |
15 (up 3) |
12% |
|
$1 mil. – 1.5 mil. |
34 (down |
11% |
|
$1.5 mil. – $2 mil. |
16 (down 12) |
20% |
|
$2 mil. – $4 mil. |
22 (up 4) |
0% |
|
$4 mil. & Up |
4 (up 2) |
0% |
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)
October 14, 2008
|
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.
Mill Valley Homes & Real Estate (September 2008)
September 16, 2008
|
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.
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.
