Mill Valley Tops $1M Homes Sales in June

Mill Valley recorded the most million-dollar home sales in Marin County in June, as sales of luxury homes in Marin rose to their highest levels in two years, according to new figures from the Multiple Listing Service database of all homes sold in Marin.

The data showed that 13 homes were sold for more than $1 million in Mill Valley in June, up from nine in May but down from the year's high mark of 17 million-dollar homes sold in April.

Throughout Marin, a total of 78 homes sold for more than $1 million in June, up 25 percent from the previous month and June 2009, when 62 properties sold. It was the highest level for high-end sales since 96 properties changed hands in July 2008.

The data was touted by Coldwell Banker Residential Brokerage that the Bay Area's luxury housing market continues to improve.

"Contrary to media reports that the housing market is struggling, home sales are still quite healthy, at least here in Marin County," said Rick Turley, president of Coldwell in the Bay Area. "With interest rates at historic lows and sellers pricing their homes at attractive levels, buyers are responding."

Turley cautioned that some of the sales could be related to the federal tax credit, which required buyers to be under contract by April 30 and close by Sept. 30. With the credit expiring, the housing market could see a drop-off in the coming months, he said.

"Between the expiration of the federal tax credit and the normal slowdown during the summer as people leave for vacations, it's possible that the market may pause to catch its breath," he said.

While the number of sales continued to jump, the median sale price of million-dollar homes fell last month to $1.43 million, down 17.9 percent from May's median of $1.74 million and down 2 percent from June 2009's median of $1.46 million.

The most expensive sale in Marin County in June was a 4,280-square foot home in Belvedere that sold for $4.58 million. Of the 13 million-dollar homes sold in Mill Valley in June, eight went for below the asking price.

According to just-released data from the Marin County Assessor-Recorder's office, the median price of all single-family homes in Mill Valley in June was $1.37 million, up from $1.2 million in May and down from $1.43 million a year ago. The median price for the first half of 2010 was approximately $1.26 million, up from $1.1 million in 2009.