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Year 2000 Census: This pegged the population of Mill Valley (CA Real estate) at 13,615 with 6,281 total housing units, 2.2 people per house, and a mean income of $134,116. (Please see chart below.) The next census will be out within a year. Mean income data can tell us a lot about home prices, such as whether the implied average home prices are in line with Fair Value estimates, current average prices, or historical prices. For instance:
¢º Estimated 2009 average household income for Mill Valley is $180,000
¢º Averare incomes imply Mill Valley can support SFR prices at $1.33m
¢º My fair value estimate for average home prices is $1.365
¢º 2004-2009 historical prices average $1.38m
¢º Current prices are hovering -15% below at around $1.15m
This means several things, i.e., the lack of high-end sales is dragging average prices down. The lower end of the market is much stronger, specifically $800k-$1.2m, andis hot right now. Most importantly, as long as incomes, taxes and demand remain in relative proximity, prices should come back to near our Fair Value estimate.
Current Inventory: The Mill Valley real estate market above $1.85m, like all Marin towns, has been very slow since Oct. '08. Mill Valley average home prices have dropped 19% from their peak last year, and it now takes 103 days (and several excruciating price drops) to sell a home over $1.85m.
Please refer to the Sept. 2009 Market Update.
Sept. 2009 Mill Valley Market Update
Year 2000 Census: This pegged the population of Mill Valley (CA Real estate) at 13,615 with 6,281 total housing units, 2.2 people per house, and a mean income of $134,116. (Please see chart below.) The next census will be out within a year. Mean income data can tell us a lot about home prices, such as whether the implied average home prices are in line with Fair Value estimates, current average prices, or historical prices. For instance:
¢º Estimated 2009 average household income for Mill Valley is $180,000
¢º Averare incomes imply Mill Valley can support SFR prices at $1.33m
¢º My fair value estimate for average home prices is $1.365
¢º 2004-2009 historical prices average $1.38m
¢º Current prices are hovering -15% below at around $1.15m
This means several things, i.e., the lack of high-end sales is dragging average prices down. The lower end of the market is much stronger, specifically $800k-$1.2m, andis hot right now. Most importantly, as long as incomes, taxes and demand remain in relative proximity, prices should come back to near our Fair Value estimate.
Current Inventory: The Mill Valley real estate market above $1.85m, like all Marin towns, has been very slow since Oct. '08. Mill Valley average home prices have dropped 19% from their peak last year, and it now takes 103 days (and several excruciating price drops) to sell a home over $1.85m.
Please refer to the Sept. 2009 Market Update.