There is a lot of talk of a softening real estate market. How would you describe the real estate market in Mill Valley?

Asked by Halley S., New York, NY Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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10
Caren Horstm…, , Marin County, CA
Sun Nov 11, 2007
Mill Valley is a wonderful place to live and was rated #10 best places to live in the United States in 2005 by CNN/Money magazine.

The Mill Valley market is driven by great schools, an easy and convenient commute to San Francisco and south and a charming downtown with good restaurants, book stores, cafes, shops and the arts.

When you look at the stats in Marin County it shows strong appreciation over time. People want to live in Marin County and not a lot of people leave Marin County. Additionally, there is limited space for building.

Here are some Mill Valley statistics for your information:

In Mill Valley in 1966, the average home price was $30,185. In 1976, $82,855. In 1986 $256,756. In 1996, $492,113. In 2006, $1,317,504. In 2007, to date, the average home price in Mill Valley is $1,413,077.

In 2007, Mill Valley has an average 57 days on market.

Over time, history shows Mill Valley has strong appreciation.

A softening in the market? It depends on the location and the house. There are still multiple offers in the market depending on the property.

Consider these factors when buying: Statistics show we are in a buyers market, a shift from the sellers market of the last 4-5 years. The interest rates are still low. You are not fighting in multiple offers on most properties so you are the winner (the multiple offer market had only 1 winner, the one who got the property), Marin County and Mill Valley show strong appreciation over time and the Bay Area is a fantastic place to live.

Call me if you have any questions or if I can be of help in anyway, 415 794-4311.
0 votes
Kelley Eling, Agent, San Anselmo, CA
Wed Oct 31, 2007
Even now, Mill Valley is still strong. Check out the detailed statistics on link below. This gets updated monthly.
0 votes
Sylvia Barry,…, Agent, Marin, CA
Sun Aug 12, 2007
Mill Valley is one of the towns we talked about at our office meeting as still 'on fire' despite of what's happening around the Bay Area or country. When you have a great location, wonderful schools, family friendly town, close proximity to a vibrant city, nature surrounding and excellent reputation, the real estate market will not be affected.

What do they say? - If you built it, they will come - O.K. this can pretty much sum it up for Marin County also.
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David duPont, , Mill Valley, CA
Thu Aug 9, 2007
Average home price appreciation for Marin County seems to be slowing after a very robust start to the year—with most Marin towns logging average home price appreciation of 10% - 15% through July, while the rest of the State and nation are showing much less resilience.

An apprehensive buyer I am working with is concerned that economic data and rising mortgage rates are harbingers of price declines in Marin County real estate—so he’s been patiently waiting trying to time his purchase with a market dip. He recently asked me "how risky is an investment in Marin Real Estate?“

Unfortunately, the answer to that question is different for everyone depending on their time horizon and personal situation, but let’s look at what has happened historically: There has only been one period in the last 35 years when average home prices in Marin County have actually decreased from one year to another and that was during the real estate slowdown of the early 1990s when average home prices decreased 1% in both the 1990-1991 and 1991-1992 periods.

Besides this barely perceptible dip in prices, the average home price in Marin County has always gone up— through good years and bad years, recessions, dot-com meltdowns and national real estate slumps such as the current one. The primary reason for our stable housing prices is the supply of Marin homes is quite small and the demand to live in Marin is quite large.

The average yearly price appreciation for Marin County homes over the last 36 years is 9.8%. The average home price at the end of June was just over $1,213,000. At the same rate of appreciation, the cost of the average home in Marin in 25 years (the year 2032) would be nearly $11,400,000. Doesn’t seem reasonable does it? Until you talk with someone who purchased a nice home on Middle Ridge in Mill Valley in 1970 for $40,000.

The greater point is the Marin Real Estate market has been incredibly immune to larger national and global real estate "bubbles" and related "shocks". Historically, unlike other capital markets, prices of homes in Marin have been very stable, and the rate of appreciation has been slow and steady. If your time horizon is 5 years or more there hasn’t been a period in the last 35 years when prices haven’t increased for Marin homes.
Web Reference:  http://thedupontgroup.net/
0 votes
Liz McCarthy, Agent, Greenbrae, CA
Thu May 31, 2007
I maintain monthly stats on the Marin real estate market. Mill valley is currently showing as a: "Balanced Market" meaning that there are the appropriate number of homes on the market for the number of buyers. If you'd like to read more, go to the following link. I update these stats every month.
0 votes
Lois Scheinb…, Agent, Mill Valley, CA
Mon Apr 23, 2007
Prices of homes in Mill Valley have risen 9% year-to-date from 2006. The median price of a home is $1,275,000 and prices continue to remain strong with inventory levels low. Overall prices in Marin County have remained strong, due to the proximity to San Francisco, the natural beauty of the area and limited building opportunities.
0 votes
Eduardo Gute…, Agent, San Rafael, CA
Mon Apr 23, 2007
Mill Valley is one of the more expensive communities. The general rule in Marin is: the further from San Francisco, the more affordable. While the market is soft across the nation, Marin County is an exception. Prices are edging up, not down. This is due to supply and demand. There is limited land and people want to live here. There is no room to build new homes except in north Marin. If you want a new home in central and southern Marin, you have to tear down and old one. People love Mill Valley and are willing to pay, although compared to the rest of the country it would seem ridiculously high. Days on Market? Between 30 and 60, but if a house is priced well, it will sell in 7-14 days.
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Matthew MacP…, , Mill Valley, CA
Mon Apr 23, 2007
The Mill Valley market has continued to appreciate even though the media would have us all believe the market is crashing. The appreciation has not been exponential as it was in recent years past, but the location, amenities, schools, and commute all continue to make Mill Valley an area of high demand. The market times are longer than the previous couple of years, but overall it's still a very good investment.
0 votes
Kristen O'Do…, , Mill Valley, CA
Mon Apr 23, 2007
Real Estate prices in Mill Valley have consistently appreciated since before we even started keeping track. It is one of the most insulated towns in the nation for price corrections. Homes are generally sold within 90 days of coming on the market, in every price point; those that are lower priced, under $2M, sell typically within 30 days.
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David duPont, , Mill Valley, CA
Mon Apr 23, 2007
The neighborhoods of Mill Valley have witnessed very strong support during the last year or two of softening national market. Prices have continued their slow and steady rise [primarily driven by low supply and high demand. Marin County is beautiful, safe, very clean, close to the best city in the county, close to things people like to do (Sail, hike, bike, surf, windsurf, kitesurf, etc) and there is very liimited development expansion opportunities.
0 votes
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