Mill Valley Home Sales and Market Report 5/1/07

Mill Valley Real Estate Market (Sales Report)

Mill Valley home sales and real estate values, as they often do, are performing extremely well. Proximity to San Francisco and the Golden Gate Bridge's effortless commute combine to keep prices and sales strong even as the national market stagnates. The bread and butter homes of Mill Valley are priced between $1 million and $1.5 million and sell fast so long as they are nicely maintained, updated, and/or located in the most desirable neighborhoods (although the percentage of homes in escrow fell this past month from 56%-40% of these homes are in escrow indicating a pretty balanced market). As with the rest of Marin, homes priced aggressively may or may not get multiple offers-note: the winning bid (which is not always the highest bid) is likely to be at asking price or just above (unlike the frenzied market of several years ago when overbids were in the stratosphere).

Homes priced in the $2 million - $4 million range continue selling at a respectable pace (34% are in escrow). Homes in Mill Valley that sold during the past month (there were 42 home sales) averaged an astonishingly low 35 days on market (reflecting the fact that homes priced right to begin with sell fast), for an average price of $1,562,619 (about $707 per square foot). Current absorption rates are lowest (indicating the lowest inventory relative to demand) are extremely in all price ranges except the ultra-luxury $4 million and up price range. In fact, in the under $1 million price range there is less than one month's worth of inventory on the market. Homes in Almonte, Strawberry, Sycamore Park, Blithedale and Cascade Canyons continue to be in high demand.

If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is my pleasure to be of service.