All year long, it has seemed that buyers and agents alike have lamented the seeming lack of inventory of homes for sale in Mill Valley. Yet, inventory is actually up by over 20%. While many buyers with a strong desire to buy and market insight are finding great value in homes right now, other buyers are paying premiums for special homes in key locations and with unique attributes. Overall, Mill Valley’s real estate market is cruising into the Fall with good bit of momentum (although sales are down from last year). It remains a market that favors buyers who are flexible and willing to make sacrifices in order to obtain value. Meanwhile, many sellers have decided to wait for the real estate market to improve. Interestingly, I am also seeing many folks come through open houses who fit the following profile: they sold their homes a couple of years ago and have been renting with the expectation that home prices would come down (as with the dot-com bust, many saw the current real estate market slowdown on the horizon). Although prices have not dipped in Mill Valley as they have in Northern Marin, these potential buyers are eyeing the current market hungrily and many of them are investigating their options.
Oddly, August 2008 saw a marked slowdown in the percentage of entry level homes in escrow from July 2008 (it dropped from 53% of homes priced under $800,000 to 20%). Mill Valley’s inventory of single family homes for sale is about 142 homes currently on the market (there were 102 in August 2008). The vast majority of homes are priced between $1 million to $2 million and 15 of those homes are currently in escrow, along 6 more in the luxury market between $2 million and $4 million. Historically, September and October bring an uptick in sales.
Mill Valley homes that sold during the past month averaged 88 days on the market and sold for an average price of about $1.358 million (about $689 per square foot). Note here that the low end of the Mill Valley market is hanging tough and that there are ONLY 2 homes currently on the market under $750,000. How’s that for stiff price for entry.
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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.
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.
As our Summer selling season wears on, Mill Valley’s real estate market has sustained itself nicely. Across the board, this year has simply seen less inventory than the past few years as sellers have decided to wait for the real estate market to improve (although sales in Mill Valley are strong despite the media characterizations).
Home sales are strong because everyone loves Mill Valley. And here are a couple of reasons why: (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay 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), (7) lots of good restaurants, (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds, and (9) virtually unlimited access to nature.
This is not news to anyone who follows my monthly reports. Mill Valley is simply one of the most desirable communities in Marin and its sales and prices reflect that fact.
Predictably and in line with June 2008, 53% of homes priced under $800,000 and 18% of homes between $1 million and $1.5 million are in escrow. Mill Valley’s inventory of single family homes for sale is about 102 homes currently on the market (there were 107 in July 2008). Mill Valley homes that sold during the past month averaged 56 days on the market and sold for an average price of about $1.726 million (about $724 per square foot), and averaged about 2,348 square feet.
|
Price Range
|
Total Active Homes
|
Pending Listings
|
|
Up to $800K
|
6 (no change)
|
53%
|
|
$800K - $1 mil.
|
17 (up 2)
|
22%
|
|
$1 mil. - 1.5 mil.
|
40 (down 3)
|
18%
|
|
$1.5 mil. - $2 mil.
|
19 (no change)
|
9%
|
|
$2 mil. - $4 mil.
|
17 (down 4)
|
23%
|
|
$4 mil. & Up
|
3 (up 1)
|
0%
|
Homes in Boyle Park, Middle Ridge, Homestead Valley and Cascade Canyon continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at
Kyle@NorthBayRE.com.
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