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 (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 April/May 2011 Home Sales Update)
May 4, 2011
March and April 2011 home sales in Mill Valley increased dramatically over the prior three months — we had 27 trades in March and 19 in April (up from 13 in January!). These properties sold for an average price of $1.265 million and averaged 2,369 sq. ft. (or about $542 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 primary selling season to 118. 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 Strawberry, 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.
Mill Valley Real Estate Report (Pacific Union November 2010 Home Sales Update)
November 23, 2010
October 2010 home sales in Mill Valley totaled 20. These trades sold for an average price of $997, 159 (this figure is much lower than normal as last month’s sales were nearly all under $1.5 million, which is somewhat unusual — September sales averaged $1,307,026) and the homes averaged 2,065 sq. ft. (or about $501 per sq. ft.). It seems September 2010′s sales reflected extreme buyer caution as 19 of the 20 sales were under $1.5 million — on any given month we would expect about 1/2 the sales to be over $1.5 million. Certainly the 13 sales under $1 million helped to clear out some lingering inventory in this entry level price band. The number of listings actively market on the MLS is on the low side (103) as many sellers have decided to take their homes off the market as Winter sets in.
The percentage of homes in escrow:
- Under $800,ooo — 46%
- $800,000 to $1 million — 21%
- $1 million to $1.5 million — 33%
- $1.5 million to $2 million — 27%
- Above $2 million — 0%
Listings in Strawberry 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. 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.
Pacific Union Real Estate Mill Valley CA. Real Estate Report (July 2010 Home Sales Update)
August 31, 2010
The number of homes sold in the Mill Valley, California real estate market rose once again and Mill Valley’s touchstone price band ($1 million to $2 million) posted another solid month. For the most part, buyers now speak confidently about our market as it is truly a unique time in history to buy discounted homes with virtually free money.
Nonetheless, recent national media coverage has focussed on the slowdown in the number of sales nationwide, giving some buyers pause. But, Mill Valley is not Detroit or Las Vegas. The first time home buyer tax credit never impacted Mill Valley in a significant way. And it is because of the cessation of that credit that the number of homes sold went down on a month to month basis — it is no surprise. But again, Mill Valley is not Detroit or Las Vegas.
In fact, what the media failed to note was that sales of $1 million homes was UP 6.7% nationwide as affluent buyers took advantage of the great prices and interest rates available to them.
Take a look at the graph below reflecting sales activity in Mill Valley over $1.5 million in July 2010. Not only is the number of homes for sale down by 9%, but the median sales price for homes sold at or above $1.5 million is up 45%. They say things are “different” here — thank goodness they are right.
Overall, the number of sales in Mill Valley last month (July 2010) was UP 25% (from 24 sales in June to 30 in July 2010). Sales of homes over $1.5 million held steady with 8 (note that we have seen 14 sales over $2 million in the past 2 months — there were just 21 such sales in all of 2009). Moreover, we are seeing an improved marketplace in San Francisco which is the bellweather for Mill Valley and Marin.
Mill Valley’s 30 sales in July 2010 gave rise to the following averages: an average price of $1,345,776; and about 2,428 sq. ft. (or about $569 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. Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club 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 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, 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.
Pacific Union Real Estate Mill Valley CA. Real Estate Report (July 2010 Home Sales Update)
July 24, 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. In contrast to the previous three years, buyers now speak confidently about our market, recognizing that prices have tumbled significantly, interest rates are extraordinary, jobs numbers have improved, and media coverage concerning real estate has turned positive. Moreover, we are seeing an improved marketplace in San Francisco which is the bellweather for Mill Valley and Marin.
The number of homes for sale in Mill Valley is down incrementally to 143. After the brief slow period in the Summer we can expect increasing inventory after Labor Day. 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, bread and butter homes of $1.5 mil. and up remain strong and that market segment exhibits undeniable leading indicators of a strengthening market. The chart below tracks prices of “for sale” and “sold” homes at or above $1.5 million compared with last year. Indeed, asking prices are down 6% and sales prices are up 17%. This trend is not evident in every price band.
Mill Valley’s 24 sales in June 2010 gave rise to the following averages: an average price of $1,239,025; and about 2,273 sq. ft. (or about $597 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, three 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.
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 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, 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 (January 2010 Home Sales Update)
January 19, 2010
The number of home sales in the Mill Valley, California real estate market rose again in December 2009 — 27 listings sold, compared with 24 in November. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 1.96 months! This is a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley is an extraordinarily low 53. Meanwhile, asking prices have held steady over the past quarter and stand now at about $610 per square foot. It remains to be seen whether this rise will translate into higher sales prices.
We still beleive that there are many “real buyers” out there who have been waiting for “a sign” to buy. Certainly, the negative feedback loop supplied by the media has turned the corner — indeed, investors are “flipping” homes again! Mill Valley’s low end market (under $800,000) is competitive with 33% of homes in escrow and that fact bodes well. Below is a table detailing the number of homes in escrow in each price band:
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
10 (no change) |
33% |
|
$800K – $1 mil. |
11 (down 2) |
21% |
|
$1 mil. – 1.5 mil. |
15 (down 6) |
29% |
|
$1.5 mil. – $2 mil. |
14 (up 1) |
23% |
|
$2 mil. & Up |
13 (down 4) |
7% |
Mill Valley’s 27 sales in December 2009 gave rise to the following averages: 131 days on the market; an average price of $1,019,843; and about 1,952 sq. ft. (or about $528 per sq. ft.).
Homes in Tam Valley, Strawberry, Sycamore Park, and Country Club 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. 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 | Morgan Lane Marin | Pacific Union International.
Mill Valley CA. Real Estate Market Report (December 2009 Home Sales Update)
December 17, 2009
The number of home sales in the Mill Valley, California real estate market rose 20% in November 2009 — that is a total of 24 listings sold. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.1 months (significantly lower than last month) — this is called the absorption rate. This is a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley is a very low 75, typical for this time of year. Meanwhile, asking prices have seemed to stiffen over the past quarter. The graph below tracks asking prices; the average price per square foot for homes currently on the market is rising — approximately $622 per square foot. It remains to be seen whether this rise will translate into higher sales prices.
While the number of homes in escrow is down from last month, that is typical this time of year as buyers and sellers alike are focused on surviving the holiday season. We still think there are many real buyers out there who have been waiting for “a sign” to buy — we don’t know what that sign will be (there are likely to be many “signs”), but we feel it will likely come soon. Numerous newspaper articles have run recently, pointing to the exceptional opportunities out there right now for buyers — indeed, we are starting to hear investors talk about “flipping” homes again!
In fact, the percentage of homes in escrow remains strong at 44% in the lowest price band (under $800,000). This indicates that Mill Valley’s low end market is competitive and that fact bodes well. In Novato, for example, we believe the bottom began to form in April and May 2009 when the low end market began to see escrow ratios over 50% (Novato’s entry level price band has since reached over 80% of homes in escrow in what has become a very tight market). Since then, Novato’s overall market has become increasingly hotter across all price bands. I believe if Mill Valley follows suit, we will see a marked increase in sales over the next few months, particularly if San Francisco firms begin providing bonuses again in the New Year (Click HERE). Remember, last year, there were no bonuses and as a result (at least in part), we had a flat-lining market for the first 5 months of the year.
Below is a graph detailing the number of homes in escrow in each price band:
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
10 (down 5) |
44% |
|
$800K – $1 mil. |
13 (no change) |
35% |
|
$1 mil. – 1.5 mil. |
20 (down 11) |
20% |
|
$1.5 mil. – $2 mil. |
13 (down 6) |
19% |
|
$2 mil. & Up |
17 (down 11) |
6% |
Mill Valley’s 24 sales in November 2009 gave rise to the following averages: 104 days on the market; an average price of $1,252,958; and about 2,205 sq. ft. (or about $553 per sq. ft.).
Homes in Tam Valley, Strawberry, Sycamore Park, and Country Club 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. 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 | Morgan Lane Marin | Pacific Union International.
Mill Valley CA. Real Estate Market Report (November 2009 Home Sales Update)
November 9, 2009
We know from past experience that in down cycles, once the San Francisco housing market recovers, there is a domino effect on surrounding communities. Accordingly, in our current cycle, we believe that our best leading indicator regarding a healthy, appreciating market (particularly in Southern Marin) will be the home sales environment in San Francisco. And there can be no doubt that the San Francisco market has improved dramatically in recent months. Additionally, as the banking institutions regain their footing and again provide bonuses to their employees, we will also see a surge in luxury home sales. In fact, if bonuses are significant and broad-based, I predict a very strong luxury sales market early in 2010 as buyers snap up the many “values” out there in the luxury and ultra-luxury sectors.
Mill Valley will be first in line to benefit from this influx of local income. Meanwhile, however, the number of homes sold remains low. In October, we had just 20 home sales — virtually the same as in July, August, and September 2009. Many believe that the low number of sales is due in large part to a lack of “sexy inventory.” And in fact, turnkey homes that are priced competitively and located in desirable areas sell FAST. Meanwhile, homes with “challenges” in regard to location, condition, or price are simply not selling.
Sales prices seem to have gathered traction after a slippery first half of the year, last month’s price per square foot of homes sold was $565 (home sales prices have held steady in this general price per square foot range for months now). Of course, price per square foot is an often misleading indicator as applied to individual homes for several reasons (e.g., condition, location, usable yard space, and the size of the home — the larger the home, the lower the price per square foot). Indeed, a nice home in Sycamore Park may sell for $750-$800 per square foot. It all depends on the various factors in play.
Note that the graph below tracks asking prices and the average price per square foot for homes on the market is rising. It is currently approximately $620 per square foot. It remains to be seen whether this rise will translate into higher sales prices.
Based on last month’s sales total of 20, we currently have an overall inventory of homes sufficient to last 5.3 months (slightly lower than last month) — this is called the absorption rate. This is still a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months.
The number of homes in escrow is up by about 11% from last month. We think there are many real buyers out there who have been waiting for “a sign” to buy — we don’t know what that sign will be (there are likely to be many “signs”), but we feel it will likely come soon.
In fact, the percentage of homes in escrow has risen to 55% in the bottom price band (under $800,000). This indicates that Mill Valley’s low end market is becoming very competitive and that fact bodes well. In Novato, for example, we believe the bottom began to form in April 2009 when it’s low end market began to see escrow ratios over 50% (Novato’s entry level price band has since reached over 80% of homes in escrow in what has become a very tight market). Since then, Novato’s overall market has become increasingly hotter across all price bands. I believe if Mill Valley follows suit, we will see a marked increase in sales over the next few months, particularly if San Francisco firms begin providing bonuses again in the New Year. Remember, last year, there were no bonuses and as a result (at least in part), we had a flat-lining market for the first 5 months of the year.
Below is a graph detailing the number of homes in escrow in each price band:
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
15 (down 2) |
55% |
|
$800K – $1 mil. |
13 (down 6) |
24% |
|
$1 mil. – 1.5 mil. |
31 (down 4) |
26% |
|
$1.5 mil. – $2 mil. |
19 (no change) |
24% |
|
$2 mil. & Up |
28 |
10% |
Mill Valley’s 20 sales in October 2009 gave rise to the following averages: 86 days on the market; an average price of $1,202,173; and about 2,188 sq. ft. (or about $565 per sq. ft.).
Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club 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. 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 | Morgan Lane Marin and Pacific Union International.
Mill Valley CA. Real Estate Market Report (August 2009 Home Sales Update)
August 13, 2009
The Mill Valley, CA. real estate market remains predictably unpredictable — after just 17 sales in May 2009, we had a robust 29 sales in June 2009, followed by 22 sales in July 2009. As I noted in last month’s report, the decline in sales numbers this month was expected as families focus more on vacations and outside activities. And September will bring even fewer home sales, along with a moderate rise in inventory and increased buyer activity.
Over the past quarter in much of Marin County, it has become apparent that asking prices have halted their downward spiral. As is evident in the graph below, which tracks the median price per square foot (down from $740 to $615), in Mid-June 2009 prices flattened out in Mill Valley. It will be interesting to see whether this flattening out carries over into the sales prices of homes trading this Fall and Winter.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
17 (up 2) |
37% |
|
$800K – $1 mil. |
18 (down 3) |
36% |
|
$1 mil. – 1.5 mil. |
40 (up 1) |
18% |
|
$1.5 mil. – $2 mil. |
18 (no change) |
0% |
|
$2 mil. – $4 mil. |
30 (down 1) |
17% |
|
$4 mil. & Up |
4 (no change) |
0% |
Mill Valley’s 22 sales from July 2009 gave rise to the following averages: 86 days on the market; an average price of $963,591; and about 1,844 sq. ft. (or about $556 per sq. ft.). Homes in Tam Valley, 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.
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. 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.
