Mill Valley Real Estate Report (March 2014 Home Sales Update) | Pacific Union
Mill Valley Real Estate Report (March 2014 Home Sales Update) | Pacific Union. As we make our run into Mill Valley’s primary selling season, the market remains tormentd by low inventory levels across the board. Reflecting this, we had a very low number of single family home sales in February 2014 — just 17 properties sold (same as January). These homes traded on average for $1.46 million and averaged 2,095 sq. ft. (or about $690 per sq. ft.).
Comparing these numbers to past market updates, one can see a dramatic rise in both sale prices and price per foot over the past year with much of the increase taking place early in 2013. Like all towns in Marin County, California (San Francisco’s “North Bay” region), the number of Mill Valley homes sold as sellers continue to show reluctance in bringing homes to market. Multiple offer situations are quite common when it comes to fairly priced homes under $2 million. This momentum extends from the entry level (where entry level buyers are in fierce compeitiotn with investors who are very actively pursuing a purchase and rent strategy) to the luxury segment over $2 million (we had 4 homes sold in January for $2 million+ with another 6 in escrow now).
Climbing into the Spring selling season, just 42 single family homes are currently active on the market in all of Mill Valley (while up from last month, this is still low). The current absorption rate in Mill Valley remains very low — it stands at about 2.5 months (6 months is considered “balanced”).