Mill Valley Real Estate Review – MID-YEAR 2020
An Inside Look at Marin County Real Estate
Has the pandemic affected the Marin County real estate market? Absolutely.
On the one hand, 25 percent fewer homes sold in Marin during the first half of 2020 compared to the same period in 2019. On the other hand, there has been a surge in demand from San Francisco buyers wanting to escape the density and confined indoors of the city. This increased demand has driven the average selling price up by 6 percent, and dramatically increased the number of sellers receiving multiple offers.
In May we started seeing a large rebound in the number of homes going into escrow, especially among more expensive homes. I expect housing demand in Marin to continue to grow as the pandemic continues, especially if people continue to work from home or feel less inclined to be near corporate offices and workplaces. Even though we are facing uncertainty and economic chaos relative to COVID-19, record-low mortgage rates and a desire to move to the suburbs will likely continue to drive prices higher in Marin.
Mill Valley Summary
Slightly fewer Mill Valley homes sold during the first half of 2020 compared to the same period in 2019 (123 vs.141). Even so, the average sale price for homes priced $1 million and above increased to a record $2,117,000. Nearly 50 percent more homes sold priced between $2 million and $3 million compared to the same period in 2019; nearly the same number of homes sold above $3 million. Remodeled homes are consistently selling above $1,000 per square foot. There is a spike in July activity as 41 homes are in escrow and 18 homes have sold.
We expect the Mill Valley real estate market to continue to benefit from new buyers looking to move from densely populated areas and continued low mortgage rates.
I would love to discuss strategies for selling your home and maximizing the value, for purchasing a new home, or for any questions you may have.