Mill Valley Real Estate Report (September 2014 Home Sales Update) | Pacific Union

September 26, 2014

Mill Valley Real Estate Report (September 2014 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). After a fairly slow Summer sales season, due in part to the natural lull in the selling cycle, the post Labor Day sales season seems equally uninspired. As for August sales, Mill Valley accounted for just 28 homes sold. This is low. These homes traded on average for $1.326 million and 2,062 sq. ft. (or about $643 per sq. ft.). Comparing these numbers to past market updates, one can see a dramatic rise in both sale prices and price per foot over the past year (although well off July 2014 figures). Buyer enthusiasm seems muted by the rapid rise in pricing from 2013 to 2014. Nonetheless, many properties in desirable locations and with reasonably calculated pricing continue to receive multiple offers with bid prices as much as 10% above asking price, coupled with short contingencies. This momentum extends beyond just the entry level homes and int the luxury segment over $2 million (although we only had 3 homes sell for over $2 million in August 2014, compared with 8 in June).

There are 61 single family homes currently active on the market in Mill Valley. The current absorption rate in Mill Valley is a low 2 months (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■50% of homes priced under $800,000;
■38% of homes between $801,000 and $1 million;
■37% of homes between $1 million and $1.5 million;
■38% of homes between $1.5 million and $2 million;
■23% of homes between $2 million and up.

Of the 28 homes that sold in September 2014:
■7 homes were priced under $800,000;
■12 homes priced from $800,000 to $1.5 million; and
■9 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Boyle ParkMiddle Ridge and Strawberry generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

Kyle Frazier, Pacific Union Int'l

Mill Valley Real Estate Report (July 2014 Home Sales Update) | Pacific Union

July 29, 2014

Mill Valley Real Estate Report (July 2014 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). Summer is typically slow for Mill Valley real estate sales. This year feels like it is no exception. However, as I was writing this last sentence I took a break to review my Mill Valley Real Estate Reports for July going back to 2007 (YES — I have been writing these updates for over 7 years now). What I found is a little surprising — our Mill Valley sales numbers for June 2014 are actually the highest we have seen in that month for at least 7 years. Let’s take a look back:

In July 2007, the year that most Marin County realtors point to as the apex of home sales in Marin, there were 40 sales. This seems interesting as inventory is so low right now and there are so few homes coming to market under $1 million in Mill Valley, which limits buyer activity at this very hot price point in Southern Marin. Other notes from 2007 — A) the average days on market was 50 days (July 2014 was 31 days); B) the average sales price was $1.76 million (July 2014 was $1.68 million); C) the average price per foot was $702 (July 2014 was $744). Seems to me like the housing market has fully recovered in Mill Valley, CA from the dark days of 2009-2012.

Certainly, the result of low interest rates and even lower inventory is brisk home sales. In June 2014, we had 41 single family home sales. These homes traded on average for $1.682 million and averaged 2,285 sq. ft. (or about $744 per sq. ft.). Comparing these numbers to past market updates, one can see a dramatic rise in both sale prices and price per foot over the past year. Despite the sudden rise in pricing in 2013, many properties continue to receive utterly extraordinary multiple offers with bid prices as much as 20% above asking price, coupled with short contingencies. This momentum extends beyond just the entry level homes and int the luxury segment over $2 million (we had 8 homes sell for over $2 million in June 2014, compared with 4 in January).

Just 48 single family homes are currently active on the market in all of Mill Valley. The current absorption rate in Mill Valley is very low — it stands at about 1 month (6 months is considered “balanced”).

Below are the percentages of homes in escrow in each of Mill Valley’s major price bands:
■57% of homes priced under $800,000;
■50% of homes between $801,000 and $1 million;
■73% of homes between $1 million and $1.5 million;
■33% of homes between $1.5 million and $2 million;
■13% of homes between $2 million and up.

Of the 41 homes that sold in June 2014:
■2 homes were priced under $800,000;
■22 homes priced from $800,000 to $1.5 million; and
■17 homes priced from $1.5 million and up.

MLS Listings in Homestead Valley, Boyle Park, Middle Ridge and Strawberry generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

Kyle Frazier, Pacific Union Int'l

Mill Valley Real Estate Report (February 2013 Home Sales Update) | Pacific Union International

February 20, 2013

Mill Valley’s real estate market has continued to post extremely positive numbers into the New Year — the sales total for January 2013 was 13. These properties sold for an average price of about $1.105 million and averaged 1,887 sq. ft. (or about $594 per sq. ft.). Like all towns in Marin County, Ca, Mill Valley home sales have been supressed by a very low inventory of homes for sale. Despite the scarcity of homes available, however, pricing remains the key variable determining buyer interest levels and salability. For now, buyers continue to expect readily apparent value (with an emphasis on turn key homes). If Buyers do not see apparent value in a particular property, they seem to be more than willing to wait for something new. Interestingly, homes priced over $2 million in Mill Valley are not selling — just 7% of these are in escrow compared with over 75% of homes in escrow under $1 million. Clearly, while the market is on the mend in the entry level, buyers are not yet convinced of value in the luxury sector. I predict this will change in coming months as move-up buyers begin flexing their buying instincts.

As noted in my market reports for the past 8 months, the number of listings actively on the market in Mill Valley has decreased to the point of extreme scarcity (there are only 29 homes on the market in all of Mill Valley,CA as of this writing). The absorption rate in Mill Valley currently stands at 2 months (6 months is considered “balanced”).

About Mill Valley Video (click on the above)

As is evidenced by virtually all criteria — market data, real estate forecasts, and buyer demand — the overall health for Mill Valley real estate improved dramatically over the course of 2012. One of the most promising metrics is the upswing in sales in Mill Valley’s “wheelhouse” price bracket of $1.25 mil to $1.75 mil. For many months, if not several years, the number of sales in this traditionally strong Mill Valley price bracket were low — yet the past few months saw an improved market for such homes.

The percentages of home in escrow are:
up to $800K — 81%
$800-$1 mil — 73%
$1 mil to $1.5 mil — 60%
$1.5 mil to $2 mil — 50%
$2mil & Up — 7%

Listings in Marinview, Boyle Park, Tam Valley, and Cascade Canyon generated the most calls this month. Well-priced homes are generating multiple offers — one home garnered over 30 offers last 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 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 (June 2012 Home Sales Update) | Pacific Union International

July 2, 2012

Mill Valley, California real estate sales slowed during the month of May 2012 — we experienced 30 trades (down from 34 in April 2012). These properties sold for an average price of $1.143 million and averaged 1,950 sq. ft. (or about $574 per sq. ft.).  While, similar to the rest of Marin, low inventory of homes for sale continues to slow the pace of sales, pricing remains the key ingredient determining buyer interest levels and salability. Despite the low inventory, buyers continue to insist on readily apparent and undeniable value. If they don’t see it in a particular property, they are willing to wait. The number of listings actively on the market in the MLS has decreased to the point of extreme scarcity. In fact, because of the low inventory, virtually every home that comes to the MLS receives multiple offers (unless priced above true market value) — anecdotal tales of froth in the market include homes with 5 to 15 offers over the past couple of months.

As is evidenced by recent market data, real estate forecasts, and buyer demand, the overall picture for Mill Valley, CA real estate has improved dramatically over the past 6-8 months. One of the most promising metrics is the upswing in sales in Mill Valley’s “wheelhouse” price bracket of $1.25 mil to $1.75 mil. For many, many months, sales in this traditionally strong price bracket were dormant. Yet last month alone, 15 trades took place in this range. I anticipate greater activity in the months to come.

The percentages of home in escrow are:

  • up to $800K — 70%
  • $800-$1 mil — 58%
  • $1 mil to $1.5 mil — 55%
  • $2mil. & Up — 22%

Listings in Strawberry, Homestead Valley, Sycamore 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 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 Real Estate Report (Pacific Union January 2011 Home Sales Update)

January 3, 2011

December 2010 home sales in Mill Valley totaled 20. These trades sold for an average price of $1,149,219 and averaged 2,364 sq. ft. (or about $491 per sq. ft.).  The end of 2010 saw a heightened sense of security from buyers of homes in the bread-and-butter Mill Valley price range of $1.5 million to $2 million. We had 6 such sales and another 5 between $1 million and $1.5 million. The number of listings actively on the market in the MLS a very low 64 — most sellers took their homes off the market as Winter set in. Inventory will increase again beginning in February and peak in May or June. It will be interesting to see how sales play out in Q1 as it appears that bonuses for employees working in the San Francisco financial sector may spur luxury sales in our highly desirable city.

The percentage of homes in escrow:

  • Under $800,ooo — 38%
  • $800,000 to $1 million — 21%
  • $1 million to $1.5 million — 30%
  • $1.5 million to $2 million — 21%
  • Above $2 million — 10%

Listings in Homestead Valley 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 for Spring 2011. 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@ImagineMarin.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-july-2010

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.

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.

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 (March 2010 Home Sales Update)

March 15, 2010

The number of home sales in the Mill Valley, California real estate market held exactly even in February — 16 trades (February usually has lower sales totals because it is a short month with two legal holidays and bcause January tends to have weather which limits buyer activity). Based on last month’s total sales, we currently have an overall inventory of homes sufficient to last 5.1 months (absorption rate). This number is higher than last month because of the large number of homes that came on the market very recently. As discussed below, however, our touchstone price band is performing very well. 

Mill Valley Home Sales February 2010

Insofar as the sales and apsorption rate of Mill Valley’s touchstone price band ($1 million to $ 2million) are concerned, the market appears to be striding towards normalcy. As indicated above, compared with the past 2 years’ February totals, sales are up 50% over 2008 and double that of 2009. Meanwhile, the chart below shows a market with a serious increase in sales velocity — there is barely 3 months’ inventory for homes priced in the touchstone price band. This is a big reduction from the absorption rate from May 2009, which stood at well over 8 months.

mv-march-2010-absorption-rate

Indeed, although we are at the precipice of the traditional selling season, the number of homes for sale in Mill Valley remains low at 82. We still believe that many “real buyers” stand poised to act on the right property. Certainly, the media’s negative feedback loop seems to have reversed itself as most mainstream economy-related articles seem to be more positive in nature as consumer spending has increased. Certainly, investors are “flipping” homes again! Mill Valley’s entry level price band (under $800,000) is as strong as it has been in recent history — with 54% of homes currently in escrow. 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

11

54%

$800K – $1 mil.

20

23%

$1 mil. – 1.5 mil.

20

31%

$1.5 mil. – $2 mil.

13

35%

$2 mil. & Up

18

10%

Mill Valley’s 16 sales in February 2010 gave rise to the following averages: 102 days on the market; an average price of $1,552,422; and about 2,886 sq. ft. (or about $545 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 | Pacific Union International.

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

October 16, 2009

The good new is that it seems the media has turned a corner on its reporting of the U.S. and worldwide economies, as well as the housing market. Positive press coverage has permeated all forms of media and is certain to change the tide, although it will take time. Significantly, San Francisco agents are reporting a significant surge in sales and prices. We know from past experience, that once San Francisco recovers, surrounding communities recover in a geo-concentrically expanding fashion.

Yet, the Mill Valley, CA. real estate market continues to limp along, offering hope of recovery, but not fully reaching the plateau (or nadir, as it were). Pardon the inevitable mixed metaphors, but it seems the real estate market is like an elite athlete with an ankle sprain, constantly at risk of further injury or re-aggravation. Our low expectations for September were fulfilled as we had just 21 home sales — same as in July and August 2009.

While is seemed that prices had gathered traction after a slippery first half of the year, last month’s price per square foot of homes sold dipped to $529 — note that the graph below tracks asking prices and the average price per square foot for homes on the market is holding steady at about $615. We have been waiting to see whether this flattening out of asking prices would carry over into the sales prices of homes trading this Fall and Winter and it appears the answer in “no.”

Real Estate Market Chart by Altos Research www.altosresearch.com

Based on last month’s sales total of 21, we currently have an overall inventory of homes sufficient to last a bit more than 5.67 months (virtually the same as August 2009) — 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 also virtually the same as 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.

Real Estate Market Chart by Altos Research www.altosresearch.com

As with Marin overall, the most active segment is the sub $1 million price bands, which can be characterized as neutral markets, favoring neither buyers nor sellers. Well over half of last month’s sales were under $1 million. The number of “bread and butter” homes (those priced between $1 million to $2 million) currently in escrow is up from last month to about 20%. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) saw strong activity last month (5 sales) — and another 9 such homes are in escrow.

Price Range

Total Active Homes

Pending Listings

Up to $800K

17 (same)

48%

$800K – $1 mil.

19 (up 1)

21%

$1 mil. – 1.5 mil.

35 (down 5)

19%

$1.5 mil. – $2 mil.

19 (up 1)

17%

$2 mil. – $4 mil.

30 (same)

14%

$4 mil. & Up

5 (up 1)

0%

Mill Valley’s 21 sales from September 2009 gave rise to the following averages: 66 days on the market; an average price of $1,156,667; and about 2,165 sq. ft. (or about $529 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.

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