Mill Valley Real Estate Market Report (May 2008 Home Sales Update)
What do you get when you put together the following ingredients? (1) A quick and easy commute to San Francisco, (2) often spectacular views of the Bay and Mt. Tam, (3) excellent schools, (4) pleasant weather, (4) a mellow, laid back ambiance, (5) a town square unlike any other in Marin (you have to go to the town of Sonoma for anything like it), (6) diverse social events (think Mill Valley Film Festival), (7) lots of good restaurants, (8) excellent shopping choices, including non-gentrified, family-owned boutiques and shops of all kinds, and (9) virtually unlimited access to nature. You get a hot real estate market!
Mill Valley’s sales numbers over the past month are amazing. To the extent that the media has painted a dire and depressing portrait of the the real estate landscape, you can dismiss that characterization as far as Mill Valley is concerned. The above reasons, along with a host of others, provide ample justification for the fact that Mill Valley is THE place people thinking of moving out of San Francisco generally start with when they decide to buy a home in Marin County.
Bucking the trend through most of Marin, inventory is down in Mill Valley this month. Meanwhile, the percentage of homes in escrow has risen in all price bands except to $2 million to $4 million range. Incredibly, 29% to 33% of homes are in escrow under $2 million. I noted last month that Agents were exhibiting “a sense of purpose” and the numbers certainly reflect that. Mill Valley’s inventory of single family homes for sale is down to 104 homes (there were 116 in April 2008). Homes that sold during the past month averaged a mere 39 days on the market and sold for an average price of about $1.813 million (about $696 per square foot), and averaged about 2,248 square feet.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
13 (down 4) |
32% |
|
$800K – $1 mil. |
8 (down 3) |
33% |
|
$1 mil. – 1.5 mil. |
32 (down 7) |
29% |
|
$1.5 mil. – $2 mil. |
22 (down 2) |
33% |
|
$2 mil. – $4 mil. |
26 (down 4) |
10% |
|
$4 mil. & Up |
3 (down 1) |
25% |
Homes in Sycamore Park, Sunnyside, and Cascade Canyon continue to be in low supply and high demand. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440 or e-mail me at [email protected].