Mill Valley Real Estate – 2022 Mid-Year
The Marin County home market continued its hot streak in the first half of 2022, as the average selling price increased by 11% from the previous six-month period. The new average sale was a record $2.4 million – due in large part to seventy-three percent of homes selling over the asking price, continuing an upward trend.
Recent increases in mortgage interest rates, inflation, stock market declines, and recession fears are beginning to show preliminary market reaction, but the real indicator of any significant market shift will be seen during the second half of 2022.
The speed and change in market conditions are highly city-specific and supply-driven: communities experiencing a continual low number of homes for sale will benefit from buyers who are motivated and able to purchase, with buyer competition possibly moving to a lower level.
Mill Valley Summary
The first half of 2022 was another record-setting period for Mill Valley real estate. Slightly more homes sold compared to the previous six months (2nd half 2021) – 191 versus 185. More expensive homes sold, as the average selling price increased to a record $2,887,000, a 17% increase compared to the second half of 2021.
A record number of buyers purchased homes priced above $5 million, with 17 sold compared to 8 sold in 2nd half of 2021.
Nearly 73% of all homes sold above the asking price, at an average 23% above the asking price!
With continued high demand for homes in Mill Valley, the impact of higher interest rates, recession worries, and stock market volatility may have a less muted effect on pricing and sales activity going forward than other markets. Even so, activity may become somewhat limited by potential buyer reluctance, pending the state of the economy.
With market dynamics transitioning, it is now even more important to prepare your home to look its best. Please call me to discuss maximizing the value of your home and pricing. I can also share with you how I can make your selling experience – from readying your home for sale to clear through the end of your move – hassle-free.