Mill Valley Real Estate (June 2007 Home Sales Report)

Mill Valley home sales and real estate values continue their strong run. The ease of the commute to San Francisco via the Golden Gate Bridge, along with pleasant weather, keeps prices and sales strong. Mill Valley continues to be the place people in San Francisco generally start with when they decide to move to the Marin County.

The bread and butter homes of Mill Valley are priced between $1 million and $1.5 million and sell fast so long as they are nicely maintained, updated, and/or located in the most desirable neighborhoods–there were 17 of these homes sold in May 2007. As with the rest of Marin, homes priced aggressively may get multiple offers—note: the winning bid (which is not always the highest bid) is likely to be at asking price or just above (unlike the frenzied market of several years ago when overbids were in the stratosphere). Some homes have received as many as 5-8 offers over the past month. Homes priced in the $2 million – $4 million range have stalled somewhat (with just 18% in escrow).

Mill Valley homes that sold during the past month (there were 41 home sales, compared with 42 in April 2007) averaged 67 days on market (up significantly from last month), for an average price of about $1.5 million (about $676 per square foot). In the under $1 million price range there is less than two month’s worth of inventory on the market. Homes in Almonte, Strawberry, Sycamore Park, Blithedale and Cascade Canyons continue to be in high demand.