Local jobs and salaries drive trends in local real estate sales & prices. The more recent the “comp”, the less it tells us about long term trends in valuation, and the more it tells us about buyer psyche and current market value. At the top of the market homes were trading no closer to their inherent value than they were at the bottom of the recession. Mill Valley is currently trading about 11% below “fair value in a balanced market” (FVBM) .
In a typical year during the last business cycle (2004-present) 310 SFR homes trade in Mill Valley with median price around $1.14m or $524/sqft. We are currently running below that pace. Mill Valley and all S. Marin towns are still struggling. The bright side is there is liquidity in the market and jobs in SF.
23% of listed homes are in contract a bit less than normal for this time of year.
As you scan the data below please consider that we compile all this data personally. We donâ€™t buy it andÂ paste it here. Your choice to work with us will save you money as the incredible time commitment required to assemble and publish this data each quarter results in much stronger and more dynamic negotiations which ultimately benefit you whether youâ€™re a buyer or a seller.
The DuPont Group is a dynamic real estate team active in Southern and Central Marin communities. Dave received his MBA from Pepperdine University and is a Certified Financial Planner (CFP). Please call or email us anytime for more information.