Pacific Union Mill Valley Real Estate Report (July 2013 Luxury Home Update)

Mill Valley Real Estate Report (July 2013 Home Sales Update) | Pacific Union. The Mill Valley, CA real estate market is reaching heights not seen for years (5 years, to be exact) with 33 single family home sales in June 2013. These properties sold for an average price of about $1.4 million and averaged 2,222 sq. ft. (or about $625 per sq. ft.). If you arecomparing these numbers to past market updates, you will quickly note the spike in sales prices and price per foot. Like all towns in Marin County, California (San Francisco’s “North Bay” region), the number of Mill Valley home sales are being held back by a sheer lack of homes for sale — buyers are eager to buy, but they have few options. Multiple offer situations are very common when it comes to fairly priced homes. My team has come to expect up to 15 offers for homes in the lower end. This momentum extends from the entry level (where investors are very actively pursuing a purchase and rent strategy) to the luxury home price points — case in point: we have 5 luxury homes in escrow over $2 million in Mill Valley. This market segment was flat-lining for a couple of years.

As noted in virtually all of my market reports thus far in 2013, the number of listings actively on the market in Mill Valley is best characterized as being at a point of scarcity. As we move through the traditionally slow Summer months, there are only 31 single family homes currently active on the market in all of Mill Valley. The absorption rate in Mill Valley currently stands at just a shade UNDER 1 month (6 months is considered “balanced”).

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