Mill Valley Real Estate Market Report (September 2008 Home Sales Update)
Overall, Mill Valley’s real estate market is cruising into the Fall with good bit of momentum (although sales are down from last year). It remains a market that favors buyers who are flexible and willing to make sacrifices in order to obtain value. Meanwhile, many sellers have decided to wait for the real estate market to improve. Interestingly, I am also seeing many folks come through open houses who fit the following profile: they sold their homes a couple of years ago and have been renting with the expectation that home prices would come down (as with the dot-com bust, many saw the current real estate market slowdown on the horizon). Although prices have not dipped in Mill Valley as they have in Northern Marin, these potential buyers are eyeing the current market hungrily and many of them are investigating their options.
Oddly, August 2008 saw a marked slowdown in the percentage of entry level homes in escrow from July 2008 (it dropped from 53% of homes priced under $800,000 to 20%). [click here for the remainder of the report and for a table showing recent activity by price, provided by MillValley101.com].