Mill Valley Homes & Real Estate (October 2008)

October 14, 2008

Dear Mill Valley Homeowners– breathe easy. While the economic news is not good, your insightful decision to purchase Mill Valley real estate has likely left you in a good position. While prices tumble in other areas, even in the San Francisco Bay Area, you should, and will be, OK as we are not susceptible to the Fundy Market Phenomenon.

And for buyers with real estate market insight, there are great values out there right now. Indeed, competitively priced Mill Valley homes in desirable neighborhoods are selling quickly. It is a market favoring buyers in all price ranges, but for the entry level.  
 
The number of Mill Valley home sales in September 2008 was down by 2 from August. Yet, while August 2008 experienced a slowdown in the percentage of entry level homes in escrow (e.g., those priced under $800,000), the percentage was back up to 38% in September–in July 2008 that percentage was an astonishing 53%. The $1.5 to $2 million price band is also performing well with 24% of these homes in escrow. 

Currently, we have about 166 homes for sale in Mill Valley (up from 142 homes in September). The preponderance of these homes are priced between $1 million to $2 million–9 are currently in escrow. Meanwhile, the luxury market in Mill Valley is slow with just 2 homes in escrow out of 27. 
 
Mill Valley homes selling in September 2008 averaged 100 days on the market and sold for an average price of about $1.611 million (roughly $806/sq. ft.). As mentioned last month, the low end is hanging tough–there are ONLY 2 homes currently on the market under $750,000.    
 

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.

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Marin Real Estate Trends (September 2008)

September 5, 2008

Looking outside last night, my wife commented that it was “dark already” (it was about 7:15 p.m.). I personally confirmed her observation–it looks like the seasons are changing. Predictably, after the annual slowdown of sales in Marin County during the Summer months, it seems as though activity has really picked up over the past couple of weeks. Half of my listings are in escrow (one had 3 offers) and the rest are getting lots of attention. The number of listing is up slightly (it would be up more significantly, but for the high number of Novato homes that are in escrow) and open houses are busy. Buyers seem to recognize that now may be the time to act as they are not convinced the market will tread further south and because of low interest rates (I heard that mortgage rates are down to around 5.75% for conforming loans). Qualifying for those loans is the big issue now–the underwriting process has become very demanding and unforgiving.

[click here for the rest of the story and for a table breaking down home prices in Marin County]

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