Mill Valley Real Estate Update (November 2007 Home Sales Report)

The inventory of single family homes in Mill Valley dipped slightly to 73 units from last month’s 77. Just 20 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 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 from 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–12 of these homes sold in October 2007 (up by 4 from September’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 picked-up last month with 5 homes selling in the $2 million – $4 million price range, along with one ultra-luxury home (in the $4 million and up range). 

Mill Valley homes that sold during the past month (there were 29 home sales, compared with just 19 in October 2007) averaged a mere 42 days on the market and sold for an average price of about $1.67 million ($792 per square foot). The hottest market segment was the $1 million to $1.5 million price range with 12 sales, up 33% from October 2007 (the inventory of homes in this price range is just over 2 months). In addition, as nearly 45% of homes priced under are in escrow–click HERE for an explanation of why this is significant.

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.