Top Agent | Pacific Union (Mill Valley March 2016) Real Estate Report
Mill Valley Top Agent Real Estate Report (March 2016 Home Sales Update) | Pacific Union (click HERE for a video about Mill Valley). For the unaquainted, Mill Valley (just north of the Golden Gate Bridge, across the bay from San Francisco) is widely considered one of the most desirable towns in the Bay Area. Affluent buyers from all walks of life live and thrive here. Somewhat strangely, February 2016 was a very slow month for home sales — 8 home sold total compared to 27 trades in December 2015. The average sales price of approximately $1.232 million, was also quite low compared with December. I expect that hindsight will show January 2016 was simply anomolous and that the sales figures reflected very low inventory and the peculiar mix of homes that sold (e.g., smaller homes in poor condition). In fact, prior months reflected upticks in virtually every metric used to assess the strength of a given market.
The sold properties of February 2016 averaged 1,668 square feet at $780 per sq. ft. (in 2014, the average size and price per foot were 2,399 square feet and $726 per sq. ft.). Indeed, as pricing has increased significantly over the past couple of years, Mill Valley home buyers have not been deterred. Exceptional properties in desirable locations and with reasonably calculated pricing strategies continue to receive multiple offers with bid prices well above asking price (indeed, multiple offers are quite common on such homes), coupled with short contingencies. I expect that this will continue in 2016.
There are currently just 34 single family homes listed in Mill Valley. This is actually a fairly good amount of inventory for this time of year and gives an absorption rate of about 4 months (6 months is considered “balanced”). Below are the percentages of homes in escrow in each of Mill Valley’s major price bands (note that due to increased prices, I have eliminated the “under $800,000″ price level):
- 70% of homes below $1 million;
- 47% of homes between $1 million and $1.5 million;
- 0% of homes between $1.5 million and $2 million;
- 17% of homes between $2 million and up.
Of the 8 homes that sold in February 2016:
- 6 homes were under $1.5 million;
- 2 homes priced from $1.5 million and up.
MLS Listings in Homestead Valley, Boyle Park, Middle Ridge and Strawberry neighborhoods generated the most calls and showings this past month. If you would like me to run the exact numbers for your Mill Valley neighborhood or if you have any questions about Mill Valley schools or its many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top Agent, J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.