Mill Valley CA. Real Estate Market Report (February 2010 Home Sales Update)
The number of home sales in the Mill Valley, California real estate market slipped to 16 listings sold, compared with 27 in December 2009. Based on last month’s total, we currently have an overall inventory of homes sufficient to last 3.7 months (note that several homes came on the market very recently). This is a big 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 remains very low at 63. Meanwhile, asking prices have held steady over the past quarter and stand now at about $605 per square foot.
The above graph tracks sales prices vs. listing prices over the past 2 years in Mill Valley for homes under $2 million. While the median sales price is down 19%, the median asking price is down just 3%. Meanwhile, for homes over $2 million, the median asking price has dipped 11%, while median sales prices have dipped about 30%. We still believe that there are many “real buyers” out there who have been waiting for “a sign” to buy.