The Mill Valley, CA. real estate market fulfilled low expectations in August 2009 with 22 sales — same as in July 2009. It has become apparent over the past several months that asking prices have largely halted their downward spiral. As is evident in the graph below, which tracks the median price per square foot (down from $740 to $612), in Mid-June prices flattened out in Mill Valley and have more or less remained stable. It will be interesting to see whether this flattening out carries over into the sales prices of homes trading this Fall and Winter.
Based on last month’s sales total of 22, we currently have an overall inventory of homes sufficient to last a bit more than 5.5 months (virtually the same as August 2009) — this is called the absorption rate.
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