Mill Valley Real Estate Report (Pacific Union March 2011 Home Sales Update)
March 17, 2011
February 2011 home sales in Mill Valley climbed ever-so-slightly to 15 (up from 13 in January). These trades sold for an average price of $903,927 and averaged 2,151 sq. ft. (or about $453 per sq. ft.). While anecdotally we are hearing about increased activity, the fact remains that pricing is key. 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 remains very low at 72. I suspect once the current rainy spell ends (it looks like it is supposed to rain non-stop for another weeks), we will see inventory balloon. It will be interesting to see how sales play out in Q2 as it appears that bonuses for employees working in the San Francisco financial sector may spur bread-and-butter and luxury sales in our highly desirable city.
The percentage of homes in escrow:
- Under $800,ooo — 48%
- $800,000 to $1 million — 24%
- $1 million to $1.5 million — 33%
- $1.5 million to $2 million — 20%
- Above $2 million — 0%
Listings in Boyle Park and Homestead Valley 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 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.
Pacific Union Real Estate Mill Valley CA. Real Estate Report (June 2010 Home Sales Update)
June 18, 2010
Similar to May 2010, the number of homes sold in the Mill Valley, California real estate market rose and Mill Valley’s touchstone price band ($1 million to $2 million) posted another solid month. Buyers are again speaking confidently about the market as prices have tumbled, interest rates are extraordinary, jobs numbers have improved, and media coverage concerning real estate has turned positive. I have a strong sense that many feel a tailwind.
The number of homes for sale in Mill Valley is up marginally to 147. Summer is upon us, school is out, and the primary selling season has wrapped up. Mill Valley’s entry level price bands (under $1,000,000) are as strong as we have seen them over the past couple of years. Moreover, the luxury price band of $2 mil. to $4 mil. is HOT — 32% of these homes are in escrow) several with multiple offers — of course, the ones that are selling are priced extremely well). The chart below show that median sales prices have equalized for 3 bedroom, 2 bathroom homes under $1 million compared with last year.
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Mill Valley’s 20 sales in May 2010 gave rise to the following averages: an average price of $1,161,875; and about 2,059 sq. ft. (or about $530 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, two months ago, the price per square foot was $640 in Mill Valley. This is because the composition of sales varies dramatically from month to month — at best, price per square foot is a blunt instrument. Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month.
Get It Now (Entry Level Mill Valley Home For Sale):
617 Springfield Way in Tam Valley is now on the market. Priced at $865,000, this private home (with a new roof in June 2010) sits on ~1/3 acre at the end of a serene cul de sac in a magnificent setting. It features 3 bedrooms and 2 baths upstairs, along with a large unit downstairs which would be perfect au pair quarters or income — it has rented out recently for ~$1,000/mo.
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 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, call or e-mail me: (415) 350-9440 | 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
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.
Mill Valley CA. Real Estate Market Report (May 2009 Home Sales Update)
May 16, 2009
We are consistently asked by our clients (sellers), “when will our markets return to normal?” We formed our definition of a normal Marin County market in our Q3 2008 Luxury Newsletter (call us for a copy) only to be followed by the October ’08 stock market meltdown. A normal Mill Valley market over the past ten years has been an annual average of 377 single family homes sold (31 per month). For the past six months the total has been 78 (16 per month). The number of units sold is off roughly 50%. Without closings we have limited comparables to make investment decisions. We are all looking for recent closings to benchmark property values. In the stock market we know CitiGroup Inc. will not soon return to its September 2008 value of $25 per share. In turn, we do not expect Mill Valley real estate to return to early – mid 2008 values. The question is what will the going forward adjustment be? To address “the adjustment” we need to focus neighborhood-by-neighborhood and client-by-client. It is our feeling that Mill Valley, CA closings in December 2008 – April 2009 represent comparables based on sellers that had to sell, and quickly, or sellers that thought the market would fall faster in the Spring ’09 and elected to set the comparables vs. having them used against them.
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.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
15 (up 4) |
21% |
|
$800K – $1 mil. |
23 (down 4) |
30% |
|
$1 mil. – 1.5 mil. |
41 (up 7) |
16% |
|
$1.5 mil. – $2 mil. |
21 (up 6) |
10% |
|
$2 mil. – $4 mil. |
29 (up 10) |
18% |
|
$4 mil. & Up |
4 (up 1) |
0% |
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.
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.
Cascade Canyon (Mill Valley Neighborhoods Description)
September 16, 2008
Heading west from Downtown Mill Valley on Throckmorton you will come across Old Mill Park on the left (Old Mill School is on the right). Head into the park and you will then run into Cascade Drive, which winds its way through the trees and along the creek way up into the hills.
This is delightful Cascade Canyon. It is supremely picturesque and a hot area for real estate. Tall redwoods, lots of trails, parkland, and the prototypically narrow Mill Valley streets are all present here.
Many homes are just a short walk to downtown. Many other homes are way up in the hills–the ultimate in privacy.
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.
Mill Valley Neighborhoods
September 3, 2008
While the prevailing ethos of Mill Valley can be found in all corners, its various neighborhoods each offer something unique.
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.
