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

Mill Valley’s inventory of single family homes for sale is very low, with just 33 homes currently on the market (there were 46 in December 2007). With 12 sales last month, Mill Valley’s absorption rate is about 3 months. However, this is a seasonal phenomenon–lots of folks take their homes off the market during the holidays and put them back on the market in the Spring. Incredibly, there are just a dozen homes on the market under $1 million!

Mill Valley homes priced between $1 million and $1.5 million continue selling briskly–5 of these homes sold in December 2007. 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 homes that sold during the past month averaged 75 days on the market and sold for an average price of about $1.4 million (about $610 per square foot). As usual, the hottest market segment was the $1 million to $1.5 million price range.  

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].