Mill Valley Real Estate Market Report (January 2009 Home Sales Update)

Entering the new year, there is optimism that the Mill Valley, California real estate market will gather traction following the slowdown of late 2008. I suspect that the “undercover buyers” who have been sitting on the sidelines waiting for the “right time” to buy will make their move as new inventory hits the market and old inventory prices recalibrate (downwards). Although many buyers still believe prices may slip a bit more, many of them also appreciate the fact that interest rates have never, ever been lower (this was the 4th week in a row with record low rates)–these rates are not likely to last. Mortgage math punishes those who don’t lock in at the lowest rate possible–even if prices dipped 5%, if interest rates went up 1-point, the monthly payment would in many cases be higher. In light of the once in a lifetime low rates, surprisingly low prices, and the wide variety of home choices, I anticipate an up-tick in activity. Also, those who were fortunate enough to receive a year end bonus for 2008 (I know that quite a few San Francisco companies and law firms handed out their regular bonuses) are set to move forward on their purchases.

In a reversal from the past quarter, the percentage of homes in escrow under $800,000 rose to 38% (it had been as low as 15% in November) with an absorption rate of 7 months (e.g., a 7-month supply of homes). Overall, Mill Valley inventory dipped to 74 homes for sale. Just 7 “bead and butter” homes (those priced between $1 million to $2 million) are currently under contract. Meanwhile, the luxury market in Mill Valley (homes from $2 million and up) continues hibernating–a mere one luxury home has an accepted offer in place.

As for sales, we had 10 Mill Valley home sales close escrow in December 2008 (there were 14 in November 2008). They averaged 127 days on the market and sold for an average price of about $917,000 with about 1,890 sq. ft. (or about $493 per sq. ft). The numbers from December reflect the fact that 7 of the 10 sales were priced under $1 million (in Mill Valley, these are generally entry level homes).

Homes in Boyle Park and Sycamore Park continue to be in low supply and high demand. 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.

Sycamore Park Restroom Approved

The Mill Valley City Council supported plans this week to build a small restroom in Sycamore Park, despite some opposition from neighbors with homes adjacent to the park. The project was unanimously approved by the Parks and Recreation Commission earlier this year at its June 11 meeting, despite objections by Park Terrace residents whose homes border the park.

But, the majority of City Council members expressed sympathy with the larger community need for a restroom. Mayor Shawn Marshall pointed out that many Mill Valley residents travel to parks throughout the city, making a restroom essential. “This is a basic human function,” Marshall said. “It’s really just that simple for me.”

The proposal recommended by the Parks and Recreation Department would install a 7-by-11-foot shed-like restroom that contains a toilet, hand sink and hand dryer. A similar restroom was installed in Tam Valley’s Eastwood Park for about $105,000.

Mill Valley Homes & Real Estate (October 2008)

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.

Mill Valley Neighborhoods

While the prevailing ethos of Mill Valley can be found in all corners, its various neighborhoods each offer something unique.

Mill Valley Homes & Real Estate (July 2008)

As Marin experiences its seasonal slowdown this time of year (a.k.a. the Summer selling season), Mill Valley’s sales numbers continue skirting the stratosphere. 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 reflect that fact–and for good reason.  

Predictably and in line with May 2008, 57% of homes priced under $800,000 and 26% of homes between $1 million and $1.5 million are in escrow. I have noted in past months that Agents were exhibiting ”a sense of purpose” and the numbers reflect that. Mill Valley’s inventory of single family homes for sale is about 107 homes currently on the market (there were 110 in June 2008). Mill Valley homes that sold during the past month averaged 65 days on the market and sold for an average price of about $1.284 million (about $654 per square foot), and averaged about 2,031 square feet.  

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