Just as our local environment and weather differs from the rest of the nation, so does our local real estate market. This has been a recurring theme this year as our local market has evolved with determination and with high spirits.
There are a couple of noteworthy items to recognize this year in our Mill Valley residential real estate market. One is the lack of inventory we've experienced in relation to the number of buyers active in our market. We have seen an increase in the number of multiple offers this year, indicating a strong buyer presence.
The second is the average Days on Market figure has decreased compared to the first half of last year. For the first half of 2011 the average Days on Market was 84 days. In 2012, we've seen that number fall to 76 days, pointing again to increased activity in our local market compared to last year. Average sale prices are up only slightly from last year ($1,100,631 in 2011 to $1,105,613 in 2012), but we could see this trend continue as the year unfolds since inventory typically stays low over the summer months.
As we move through our seasonal adjustments for the second half of 2012, it will be interesting to see how the market is standing as the dust settles and the year comes to a close.
The second half of 2012 so far has been quite consistent with the first half. In June we saw 32 percent of homes over $1 million in Mill Valley go into contract (not including condos) compared to 36 percent in July. For homes under $1 million in June, we saw 71 percent go into contract followed by 58 percent in July. In spite of the drop in numbers in July for properties under $1 million, the stats do show a healthy amount of properties going to contract, resulting in a continuation of an active market in Mill Valley as we kick off the second half of the year.
For a look at what's going on in our Mill Valley real estate market this week click here.