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

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The number of home sales in the Mill Valley, California real estate market rose 20% in November 2009 — that is a total of 24 listings sold. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.1 months (significantly lower than last month) — this is called the absorption rate. This is a HUGE reduction from the absorption rate from May 2009, which stood at well over 8 months. Indeed, the number of homes for sale in Mill Valley is a very low 75, typical for this time of year. Meanwhile, asking prices have seemed to stiffen over the past quarter. The graph below tracks asking prices; the average price per square foot for homes currently on the market is rising — approximately $622 per square foot. It remains to be seen whether this rise will translate into higher sales prices.

Real Estate Market Chart by Altos Research

Whilet the number of homes in escrow is down from last month, that is typical this time of year as buyers and sellers alike are focused on surviving the holiday season. We still 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. Numerous newspaper articles have run recently, pointing to the exceptional opportunities out there right now for buyers — indeed, we are starting to hear investors talk about “flipping” homes again!

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