Mill Valley Real Estate Review – Mid-Year 2017
An Inside Look at Marin County Real Estate
The Marin County real estate market continues on an upward swing with record-breaking sales: The average selling price for a single-family home in Marin County increased by 5.3% in the first half of 2017 to $1,641,000—beating the 2016 average and setting a new record! Nearly the same number of homes sold in Marin County during the first half of 2017 (1,063 sold compared to 1,056 in 2016).
As pricing increases, fewer homes are selling under $1 million. Nearly the same number of homes sold in all other price ranges as last year, with the exception of homes priced between $3 million and $4 million. In this category, nearly 65% more homes sold during the first half of 2017 vs. the first half of 2016.
Competition will continue in the Marin real estate market as most buyers vie for limited purchase opportunities!
Mill Valley Summary
The Mill Valley market is strong and getting stronger. More expensive homes are selling quickly and prices are steadily rising. A whopping 55% of all homes sold in the first half of 2017 received multiple offers, and an impressive 45% of homes have sold over the asking price.
The average selling price for homes priced $1 million and above hit a new record in Mill Valley at $1,927,000. The average price per square foot sold increased 5% from the 2016 average to $834 – also a new record!
Thirteen percent more homes sold during the first half of 2017 versus the same time period in 2016. A total of 142 homes priced $1 million and above have sold in 2017, compared to 125 homes sold in 2016.
Homes priced between $1 million and $2 million saw the average price per square foot sold rise by 9% in the first half of 2017 to $802. These homes also accounted for 70% of the total number of homes sold over their asking price.
Nearly the same number of homes priced between $2 million and $3 million sold in the first half of 2017 compared to the same period in 2016 (28 homes sold). The average price per square foot sold was also nearly the same as the 2016 average, at $857.
Sales were brisk for homes priced between $3 million and $4 million. Fourteen homes in this price category sold in the first half of 2017, compared to 11 homes sold during the entire year of 2016! The average price per square foot sold for these homes was $872, and nearly 50% of these homes sold over the asking price.
The market has shown there is no let-up in demand for Mill Valley real estate as there are multiple buyers for many properties. Furthermore, a sizable premium is being paid for homes that are newly remodeled.