Mill Valley Real Estate – 2023 Year End
An Inside Look at Marin County Real Estate
Marin witnessed a 24% decline in the overall number of homes sold in 2023 compared to 2022. While elevated mortgage rates posed challenges for some potential buyers, the combination of low inventory and sustained buyer demand maintained the average selling price at $2,160,000, a mere 4% drop from the 2022 average. Almost half of the homes sold in 2023 attracted multiple offers and were sold above the asking price. The most significant decrease in sales volume occurred in the $2 million to $3 million price range, with 35% fewer homes sold compared to 2022.
Predicting near-term effects of an election year, global events, and financial markets is challenging. However, the persistent low inventory of homes is expected to safeguard against any significant market changes.
Mill Valley Summary
Mill Valley experienced a further decline in its annual home sales, with 237 homes sold in 2023, marking a significant decrease from the 332 sales in 2022 and 421 in 2021. Market dynamics in 2023 were characterized by a limited supply of available homes for sale, as sellers hesitated to part with their properties due to the low-interest-rate mortgages they held, compounded by the higher interest rate environment for potential buyers.
Despite a decrease in the annual sales volume, the average selling price and the average sale price per square foot remained closely consistent with 2022 figures. Notably, a significant decline in sales volume was observed for homes priced between $2 million and $3 million (78 homes sold in 2023, compared to 126 in 2022) and for those priced above $5 million (10 sold in 2023, compared to 24 in 2022). Thirty-five percent of Mill Valley homes sold in 2023 were purchased without a mortgage.
On the flip side, homes entered escrow more swiftly, on average, in the second half of 2023 compared to the first half. About 53% of homes were sold above the asking price in 2023, representing a decrease from the 61% recorded in 2022. Even with these slight fluctuations, the overall performance of the Mill Valley market in 2023 was quite solid, showcasing resilience in the face of economic challenges. Anticipated interest rate cuts in 2024 are expected to further stimulate the market, potentially driving prices upward.
It remains crucial for homeowners to present their properties in the best possible light. Well-prepared homes in desirable locations, priced in line with current market conditions, tend to attract more buyer interest and command higher prices.
homes in desirable locations, priced in line with current market conditions, tend to attract more buyer interest and command higher prices.
Please feel free to contact me to discuss options for maximizing the value of your home and establishing an optimal pricing strategy. I can also provide insights into how I can ensure a hassle-free selling experience, from preparing your home for sale to facilitating a smooth transition through the entire moving process.