Mill Valley Real Estate (October 2007 Home Sales Report)

The inventory of single family homes in Mill Valley rose slightly to 77 units from last month’s 69. Same as last month, just 14 homes are currently on the market under $1 million! As always, the commute to San Francisco from Mill Valley via the Golden Gate Bridge (a short 5-10 minutes), along with the excellent Mill Valley schools, pleasant weather and laid back ambiance is very attractive to just about everyone. Accordingly, prices and sales are ever-strong. Indeed, 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.

Mill Valley homes priced between $1 million and $1.5 million (Mill Valley’s bread and butter homes) continue selling so long as they are nicely maintained, updated, and/or located in the most desirable neighborhoods–8 of these homes sold in September 2007 (down by 2 from August’s sales numbers). As with much of the rest of Marin, homes priced aggressively are getting multiple offers—note: the winning bid (which is not always the highest bid) is likely to be a couple of percent above asking price, depending on the home ad price. Mill Valley luxury home sales slowed last month with just 2 homes selling in the $2 million – $4 million price range.  None of Mill Valley’s ultra-luxury homes (in the $4 million and up range) sold in September. 

Mill Valley homes that sold during the past month (there were 19 home sales, compared with 32 in September 2007) averaged 54 days on market and sold for an average price of about $1.4 million ($739 per square foot). The hottest market segment was the $1 million to $1.5 million price range with 8 sales (the inventory of homes in this price range is just under 3 months).

Homes in Tam Valley, Strawberry, Sycamore Park, Blithedale and Cascade Canyons 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.