Mill Valley real estate continues to be on fire!
It's tough out there for Buyers, but a great time for Sellers to go on the market. Inventory remains low yet demand is high thanks to a robust San Francisco tech industry.
Employment appears to be shifting somewhat towards San Francisco. While Silicon Valley remains a high-tech fixture, Twitter, AirBNB, Task Rabbit and many others are moving into San Francisco, along with all the associated businesses that follow these companies. Thus, San Francisco is seeing a huge increase in housing demand - in an already squeezed real estate market. With so many new employees seeking housing, it is no wonder that just over the Golden Gate Bridge, charming Mill Valley (nestled at the base of Mt.Tamalpais), is feeling the effects of a hot SF business climate.
What remains to be seen is whether or not this is another tech bubble- or is it here to stay?
Take a look at the difference between the first two months of this year as compared to the first two months of 2013 in Mill Valley:
2013 Mill Valley Single Family Homes- 31 homes sold in the first two months.
Avg price: $1,184,677
Median price: $900,000
8 sold in under 30 days at roughly 6% over asking.
Just one year later, it is a very different story:
2014 Mill Valley Single Family Homes- 35 homes sold in the first two months.
Avg price: $1,746,911
Median price: $1,220,000
15 homes sold in under 30 days at roughly 3.5% over asking. (compared with just 8 last year)
Thinking of selling this Spring? Give me a call if you would like to discuss your home's value and my approach to selling homes in Mill Valley.