Current Real Estate Market Conditions for Single Family Homes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $1,240,000. The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer's market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed.

Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.

Current Real Estate Market Conditions for Condos & Townhomes

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This Week

The median list price in MILL VALLEY, CA this week is $549,000. Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

Supply and Demand

Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.

This type of property rarely comes on the market. It has been in the same family for 48 years. There are 2.5 acres of level, rolling land with a street to street lot, and one of the most up-close and personal views of Mt. Tamalpais. With its pool and tennis court (now a garden), this is truly one of Mill Valley’s incomparable & charismatic properties. It is most certainly about the views, land and its location!

The present home was built by Klyce in 1946. It typifies how he used sites like this to capture the essence of space and place. Very private with 3 bedrooms and 3 baths plus a family room (or 4th bedroom), this approximately 2600 (+/-) home is nestled out of sight and faces the mountain. A small charming one bedroom and one bath cottage with approximately 680 square feet is also on the property.

The gracious pool plus the tennis court (now a garden) combined with trails that wander through the redwoods down to Cascade Falls parking lot, make you feel as if you were in an Alpine resort. The famous Lovell Loop is known for having the best weather in town, providing plenty of sunshine. Surreal serenity is how I describe this one-of-a-kind property. It is the classic Mill Valley experience, and will definitely sooth the soul and stir the spirit!

VIEW LISTING

Current Real Estate Market Conditions for Single Family Homes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $1,295,000. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer's market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.

Current Real Estate Market Conditions for Condos & Townhomes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $572,000. Inventory is up and Market Action is trending down recently. While days-on-market appears to be trending lower, the overall conditions are weakening a bit.

Supply and Demand

Market conditions have been consistently cooling in the past several weeks. Because we're still in the Seller's zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer's zone.

Current Real Estate Market Conditions for Single Family Homes

Summary

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This Week

The median list price in MILL VALLEY, CA this week is $1,229,000. The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand. However, in recent weeks prices have been moving higher. Since it is technically a Buyer's market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes being listed are larger and younger than they have been in the past.

Current Real Estate Market Conditions for Condos & Townhomes

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This Week

The median list price in MILL VALLEY, CA this week is $619,000. With inventory trending up but days-on-market trending down and the Market Action Index essentially flat recently, conditions do not seem to have strong up or down pull.

Supply and Demand

Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer's market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.

As Posted by Stephanie on Mill Valley Patch on April 27, 2012 at 1:18 pm

The selling season is most certainly active. While the following real estate news and reports are a look back (click here to see how Marin’s market has been changing), there seems to be a definitive “pause” in activity this week. 

Higher end homes are flooding the market, not so much in Mill Valley, but in other communities like Tiburon, Sausalito, Kentfield, where a more than $10 million home hit the market.

Several homes sold quickly in Mill Valley in the past week:

• A home in Strawberry went contingent with a list price of $,5,800,000
• A Country Club home listed at $2,495,000 went contingent within a couple of days
• A foreclosure on Throckmorton Ave. listed for $1.4 million went contingent with 4 offers well over asking
• Plus, a Sunrise Point 2-bedroom went contingent immediately with a list price of $849,000

There continues to be many homes languishing on the market. Price could be the issue. Sellers are optimistic these days due to the activity in sales
in most neighborhoods. I see homes coming on the market and listed higher than I would expect. Does that means prices are rising? Not necessarily - but it seems to be trending that way, and that’s good news!

Current Real Estate Market Conditions for Single Family Homes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $1,239,000.

Supply and Demand

In terms of supply and demand, the market is getting cooler – more supply is coming on the market relative to the sales demand.

However, in recent weeks prices have been moving higher. Since it is technically a Buyer's market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the descriptive statistics where you may notice the homes

being listed are larger and younger than they have been in the past.

Current Real Estate Market Conditions for Condos & Townhomes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $619,000.

Supply and Demand

Market conditions have been consistently cooling in the past several weeks. Because we're still in the Seller's zone, prices have not yet

begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index

persistently falls to the Buyer's zone..

Tax time: this is not one of our favorite times of year. While homeownership is generally a positive experience, it is painfully apparent it comes with a price – a high price. Aside from year-round home maintenance, insurance and loan payments, those twice-yearly property tax bills can take a real hit on our discretionary income. (Property taxes are paid in arrears).

Here's a bit of history on our property taxes here in Marin and California.

Prior to 1912, the state derived 70 percent of revenue from property taxes. Now the state's principal revenue sources are personal income taxes, sales and use taxes, bank and corporate taxes and a series of excise taxes. The Board of Equalization(BOE) administers sales and use taxes and excise taxes, while the Franchise Tax Board administers the personal income and bank and corporation tax.

Today, it is California’s counties, cities, schools and special districts that depend on the property tax as a primary source of revenue. 

On June 6, 1978, California voters overwhelmingly approved Proposition 13, a property tax limitation initiative. This amendment was the taxpayer’s response to dramatic increases in property taxes. Revenue from property taxes have dropped due to the major drop in property values, thus causing a fiscal crisis for some of our basic services. Property taxes are only raised upon a change in ownership or completion of new construction. Plus, Prop. 13 generally limits annual increases to no more than 2 percent. That means that similar properties next door to one another can have substantially different assessed values depending on when the property last changed hands. This has been challenged, but not overturned.

Right now, one can appeal their property tax rate by applying for a change with the County Tax Assessor’s Office.  Also, if you are 65 or older, you may be exempt from school taxes that appear on your tax bill.

Don’t forget your Homeowner’s Exemption of $7,000 reduction of taxable value on an owner occupied home. If you bought recently, be sure you do not miss this exemption! You need to make a one-time filing with the county assessor.

The Mill Valley real estate market has its bright spots - some multiple offers – but for the most part, many homes are sitting on the market.  Some are overpriced for this market, some are mainstream enough and need to wait for just the right buyer and others may be testing the market. Rumor has it, (heard it on the news) there may be yet another spate of foreclosed properties flooding the market soon. That means that prices will stay flat and may continue to go down. Last week's spring break for local schools also has produced a lull in the market.

Current Real Estate Market Conditions for Single Family Homes

Summary

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This Week

The median list price in MILL VALLEY, CA this week is $1,049,000. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market.

Current Real Estate Market Conditions for Condos & Townhomes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $504,500. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.

Current Real Estate Market Conditions for Single Family Homes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $1,049,000. With inventory and days-on-market basically unchanged and the Market Action Index increasing, the market is not sending strong directional signal for the near-term outlook.

Supply and Demand

Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market.

Current Real Estate Market Conditions for Condos & Townhomes

Summary

Report

This Week

The median list price in MILL VALLEY, CA this week is $504,500. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market.

Supply and Demand

Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.