Pacific Union Real Estate Mill Valley 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 [email protected]
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 | [email protected]It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.
Pacific Union San Rafael Real Estate Market Update (August 2010 Novato Home Sales Report)
August 24, 2010
San Rafael, California real estate sales slipped in July 2010. We had 33 trades (compared to 45 in June). The entry level price band (under $600K) remains strong — 24 of these homes are currently in escrow (40%). Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) remains tepid with 22% of homes in escrow. The inventory for single family homes for sale decreased slightly this month to 177 homes. Price per square foot rose above $400.
Of the 34 homes sold in June 2010, the average:
- days on market was 76 days
- sales price was $797,669
- home size was 2,028 square feet
- $403 per sq. ft.
Homes in Lucas Valley and The Dominican generated the most calls and showings this past month. If you would like me to run the exact numbers for your San Rafael neighborhood or if you have any questions about our many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International. It is always my pleasure to be of service.
Pacific Union Novato Real Estate Market Update (August 2010 Novato Home Sales Report)
August 24, 2010
The Novato, California real estate market continues its solid year. We had 33 trades last month. What is impressive is the fact that average sales prices are up and average price per square foot are up. The average sales price of Novato homes in July 2010 was $692,508 (up from $644,778 the month before). These homes averaged 106 days on market, were about 2,052 sq. ft., and averaged $320 per square foot (up from $306 sq. ft. in June 2010).
Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady, particularly in the entry level and move-up price bands. This is good news for buyers and sellers alike. Moreover, historically low interest rates, currently hovering around 4.5%, are giving buyers adequate impetus to make their move.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 65% of homes priced under $500,000;
- 40% of homes between $501,000 and $600,000;
- 26% of homes between $601,000 and $750,000;
- 26% of homes between $751,000 and $1 million;
- 16% of homes between $1 million and $1.5 million;
- 20% of homes between $1.5 million and up.
Of the Novato homes that sold in July 2009:
- 17 homes sold under $600,000;
- 16 homes sold between $601,00 to $1 million (the Novato move-up market is hot); and
- 6 sold for at least $1 million.
NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. We expect that the first homes will be ready for occupancy in October/November 2010.
Pricing begins in the mid-$800,000’s. Interest surrounding this new Southern Novato community has been significant. Please call me at (415) 350-9440 for more information. Or, visit our website at www.TheLandingNovato.com.
If you would like to have the value of your Novato home professionally evaluated, or if you have any questions about Novato’s many delightful communities, just give me a call at (415) 350-9440.
My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International. It is always my pleasure to be of service.
Postscript: Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month.
