Mill Valley Real Estate Update (February 2008 Home Sales Report)

kylefrazier1,139 CommentsMarin Market Updates

As we progress into the new year, Mill Valley’s inventory of single family homes for sale remains fairly low, with just 49 homes currently on the market (there were 33 in January 2008). With 15 sales last month, Mill Valley’s absorption rate is about 3 months (e.g., there is enough supply to cover current demand for 3 months). Incredibly, there are just ten homes on the market under $1 million!

Mill Valley homes priced between $1 million and $1.5 million continue selling briskly–3 of these homes sold in January 2008. And 10 homes priced under $1 million sold. As with much of the rest of Marin, homes priced aggressively are getting multiple offers—note: the winning bid is likely to be just around or over the asking price, depending on the home. Mill Valley homes that sold during the past month averaged 66 days on the market and sold for an average price of about $1.49 million (about $700 per square foot). 

 

Price Range

Total Active Homes

Pending Listings

Up to $800K

4 (no change)

25%

$800K – $1 mil.

16 (up 9)

31%

$1 mil. – 1.5 mil.

15 (up 9)

7%

$1.5 mil. – $2 mil.

11 (up 6)

45%

$2 mil. – $4 mil.

14 (up 6)

14%

$4 mil. & Up

3 (up 2)

0% 
 

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 provides ample motivation for San Francisco professionals to relocate to Marin County. 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. 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 or e-mail me at [email protected].