Mill Valley Real Estate Update (March 2008 Home Sales Report)
As we progress through Q1 2008, Mill Valley’s inventory of single family homes for sale has blossomed to 76 homes currently on the market (there were 46 in February 2008). With just 8 sales last month, Mill Valley’s absorption rate rose to about 10 months, compared with 3 months in February (e.g., there is currently enough supply to cover current demand for 10 months). This is a seasonally related anomaly and the absorption rate is expected to creep back down to 4 or 5 months as the Spring selling season wears on.
Mill Valley homes priced between $1.5 million and $2 million continue selling briskly–3 of these homes sold in February 2008. Homes priced aggressively are getting multiple offers and some price segments reflect a seller’s market. Mill Valley homes that sold during the past month averaged 65 days on the market, sold for an average price of about $1.205 million (about $652 per square foot), and averaged about 1,975 square feet.
|
Price Range |
Total Active Homes |
Pending Listings |
|
Up to $800K |
9 (up 5) |
22% |
|
$800K – $1 mil. |
11 (down 5) |
36% |
|
$1 mil. – 1.5 mil. |
28 (up 13) |
3% |
|
$1.5 mil. – $2 mil. |
17 (up 6) |
29% |
|
$2 mil. – $4 mil. |
24 (up 10) |
21% |
|
$4 mil. & Up |
4 (up 1) |
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. 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].