A Recap of January's Real Estate Market in Millbrae

Last week I went over real estate data from two of the Millbrae neighborhoods that I spend most of my time in, as a REALTOR - Mills Estates and Highlands.

Below I have a summary for each neighborhood, with the trends in new listings and sales within the neighborhoods, and I have a take away about the Millbrae market at the end of my post. 

Millbrae's Mills Estates Neighborhood

There were only three new listings in January.

One of these listings was not really a new listing. The home at 270 Loyola, went off the market in December but had an accepted offer, and closed escrow on January 8th at $2,148,000. This was a charming Mediterranean-style home that was rebuilt in 1991; you can read more about it in my review of the property from in September. This was the only closed sale in Mills Estates in January.

One of the other two new listings are 1206 Toyon, a 3 bed / 3 bath home listed for $1,498,000, which went pending after only 18 days on the market.  (Read my review here.) 

The third new listing was 211 Marcella, a 3 bed / 2 bath home listed at $1,150,000, which is a short sale and went pending after only 12 days.

Millbrae's Highlands Neighborhood

There were NO closed sales in the Millbrae Highlands, which is not totally unexpected, since there were no pending sales last month.  This pattern, though not encouraging, is consistent with the Millbrae market as a whole.

Although there were 8 new listings in January, four of them went pending after only an average of 13.5 days on the market!  There were a total of four closed sales in Millbrae in January with an average of 10.8 days on market.  To see these, please view my detailed market update for the Highlands.

A look at the sales-to-list price ratio shows that homes are consistently over list prices, even as homes in the Millbrae market are generally priced at reasonable market value (i.e. we don’t see sellers under-pricing to encourage bidding wars as in some other markets).

My Takeaway from the Stats

The low inventory levels continue to be a concern in Millbrae, but buyer interest is still strong as interest rates remain the 3s and 4s.  Homeowners who have been waiting to sell their homes would do well to take advantage of the low competition and high demand.

Please let me know if I can be of any help to you as a local REALTOR or neighbor.  You can reach me on my website JeanJoh.8z.com.