Millbrae Home Values & Market Update
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Updated April 23, 2018

Market Snapshot – Millbrae (Recent Sales here)

Millbrae real estate was on fire this past year! Though many Bay Area cities saw a solid increase in home values over last year, Millbrae sits near the top with a fantastic 19.1% increase in median sale price. Inventory is still limited and demand remains strong. All signs point to a market that continues to be favorable to sellers.

The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.

Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.

Here are the numbers for March 2018. If you are curious about your Millbrae home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.

 

Mar-18 % Change Year Over Year Rolling 3 Month Average
Median Sales Price ($USD) $1,719,000 19.1%
Overbids (%) 121.60% 8.3%
New Listings (#) 9 -5.71%
Homes Sold (#) 10 23.81%
Months of Inventory 0.7 -49.21%
Median Days on Market (DOM) 13 -40.63%
Average Days on Market (DOM) 13 -45.10%

 

Median Sales Price – Millbrae SFR

 

Ratio of List Price to Sold Price (Overbids) – Millbrae SFR

Number of New Listings vs Sold Listings, Millbrae SFR

Months of Inventory – Millbrae SFR

 

Median and Average Days on Market (DOM) – Millbrae SFR

 

Millbrae Single Family Home Closed Sales since 1/1/2018

Street Address Close Date Price/SqFt Sale Price RATIO Close Price By List Price DOM Beds Total Bths Sq Ft Total Lot Size
708 Barcelona Drive 1/8/18 802.69 $1,493,000 1 0 2 2|0 1,860 5,008 Lot SqFt
559 Bayview Avenue 4/12/18 808.82 $1,650,000 1.101 9 4 2|0 2,040 6,000 Lot SqFt
564 Bayview Avenue 3/28/18 1,125.00 $1,575,000 1.261 8 3 2|0 1,400 5,035 Lot SqFt
535 Capuchino Drive 4/3/18 553.71 $1,938,000 0.974 74 4 2|1 3,500 6,250 Lot SqFt
1056 Clearfield Drive 4/2/18 1,153.06 $2,260,000 1.263 12 4 2|1 1,960 5,820 Lot SqFt
1024 Crestview Drive 2/9/18 1,056.28 $1,933,000 0.967 16 3 2|0 1,830 20,930 Lot SqFt
910 Crestview Drive 1/22/18 1,100.53 $2,080,000 1 0 4 2|0 1,890 17,347 Lot SqFt
302 Cuardo Avenue 2/5/18 1,032.61 $950,000 1.094 13 3 1|0 920 4,700 Lot SqFt
306 Cuardo Avenue 2/5/18 1,021.51 $950,000 1.094 13 3 1|0 930 5,000 Lot SqFt
250 Elder Avenue 1/10/18 987.65 $1,600,000 1.159 14 3 1|1 1,620 5,520 Lot SqFt
340 Elder Avenue 3/15/18 1,200.00 $1,710,000 1.232 18 3 1|0 1,425 5,400 Lot SqFt
427 Green Hills Drive 1/8/18 991.53 $2,340,000 1.357 12 3 3|0 2,360 8,840 Lot SqFt
250 Hazel Avenue 1/5/18 1,141.03 $1,780,000 1.06 14 2 2|0 1,560 6,000 Lot SqFt
468 Helen Drive 1/30/18 759.77 $1,885,000 1 28 3 3|0 2,481 5,096 Lot SqFt
1278 Hillcrest Boulevard 2/7/18 1,014.64 $2,425,000 1.258 9 4 3|0 2,390 5,301 Lot SqFt
254 Hillcrest Boulevard 3/29/18 1,101.10 $2,200,000 1.204 13 4 3|0 1,998 5,760 Lot SqFt
404 Juanita Avenue 3/8/18 894.27 $2,030,000 1.273 6 3 3|0 2,270 11,250 Lot SqFt
8 La Mancha Place 4/9/18 1,150.29 $1,990,000 1.179 13 5 3|1 1,730 5,850 Lot SqFt
805 Lomita Avenue 2/13/18 702.13 $1,980,000 0.992 73 5 3|1 2,820 8,146 Lot SqFt
341 Loyola Drive 3/2/18 920.88 $2,351,000 1.182 21 4 2|0 2,553 13,130 Lot SqFt
360 Loyola Drive 4/16/18 1,065.45 $2,930,000 1.226 0 4 2|1 2,750 20,240 Lot SqFt
1130 Millbrae Avenue 2/27/18 564.52 $1,750,000 0.972 132 4 2|1 3,100 7,100 Lot SqFt
1159 Oakwood Drive 3/2/18 965.36 $1,728,000 1.236 12 3 2|0 1,790 5,040 Lot SqFt
1109 Ridgewood Drive 3/26/18 1,062.91 $1,605,000 1.237 9 3 2|0 1,510 6,270 Lot SqFt
703 Riverton Drive 1/8/18 1,011.17 $1,810,000 1.133 12 3 2|1 1,790 6,580 Lot SqFt
604 Santa Florita Avenue 3/8/18 1,221.24 $1,380,000 1.152 3 2 1|1 1,130 5,040 Lot SqFt
761 SEQUOIA Avenue 2/16/18 1,180.12 $1,900,000 1.189 8 3 2|0 1,610 9,568 Lot SqFt
1130 Vista Grande 2/9/18 1,005.92 $1,700,000 1.57 12 3 2|0 1,690 6,120 Lot SqFt
1309 Vista Grande 3/19/18 867.16 $2,350,000 1.124 28 4 3|1 2,710 7,350 Lot SqFt
1340 Vista Grande 3/28/18 1,290.32 $1,600,000 1.262 13 3 1|1 1,240 6,077 Lot SqFt
894 Vista Grande 2/20/18 717.46 $1,808,000 1.033 13 3 2|0 2,520 6,000 Lot SqFt