Pacific Union Real Estate Mill Valley Report (July 2010 Home Sales Update)

The number of homes sold in the Mill Valley, California real estate market rose once again and Mill Valley’s touchstone price band ($1 million to $2 million) posted another solid month. For the most part,  buyers now speak confidently about our market as it is truly a unique time in history to buy discounted homes with virtually free money.

Nonetheless, recent national media coverage has focussed on the slowdown in the number of sales nationwide, giving some buyers pause. But, Mill Valley is not Detroit or Las Vegas. The first time home buyer tax credit never impacted Mill Valley in a significant way. And it is because of the cessation of that credit that the number of homes sold went down on a month to month basis — it is no surprise. But again, Mill Valley is not Detroit or Las Vegas.

In fact, what the media failed to note was that sales of $1 million homes was UP 6.7% nationwide as affluent buyers took advantage of the great prices and interest rates available to them.

Take a look at the graph below reflecting sales activity in Mill Valley over $1.5 million in July 2010. Not only is the number of homes for sale down by 9%, but the median sales price for homes sold at or above $1.5 million is up 45%. They say things are “different” here — thank goodness they are right.

Mill Valley Luxury Home Sales July 2010

Overall, the number of sales in Mill Valley last month (July 2010) was UP 25% (from 24 sales in June to 30 in July 2010). Sales of homes over $1.5 million held steady with 8 (note that we have seen 14 sales over $2 million in the past 2 months — there were just 21 such sales in all of 2009). Moreover, we are seeing an improved marketplace in San Francisco which is the bellweather for Mill Valley and Marin.

Mill Valley’s 30 sales in July 2010 gave rise to the following averages: an average price of $1,345,776; and about 2,428 sq. ft. (or about $569 per sq. ft.). Note that the price per square foot number is prone to wild swings from month to month. For example, a few months ago, the price per square foot was $640 in Mill Valley. This is because the composition of sales varies from month to month — at best, price per square foot is a blunt instrument. Homes in Tam Valley, Scott Valley, Sycamore Park, and Country Club generated the most calls this month.

If you would like more information about neighborhoods, sales, schools, or local Mill Valley services references, just give me a call at (415) 350-9440 or e-mail me at [email protected].

p.s. I currently have several clients who want to sell, but are waiting in the wings. Please contact me to determine if any of these opportunities fit your needs. I am also a member of the Marin Platinum Group with access to dozens of homes not “officially” on the market but available for sale. If you would like my Mill Valley Hot List, call or e-mail me: (415) 350-9440 | [email protected].It is always my pleasure to be of service. Christie’s Great Estates | Pacific Union International.