The elementary school for the community is Spring Valley School on Murchison Drive and that street is the main street up the hill for the Millbrae side of the estates. The area primarily has single family homes, but you do find some condos and apartments but in the flat-lands near Mills High School and way up in the hills, just below 280 – where the views are amazing.

Right now, there are 9 houses for sale.  One of those houses is Bank Owned, too.

There were 2 sales within the past couple of weeks making it is an active market in the Millbrae side of the Mills Estates.  This community, like its sister side in Burlingame attracts professional seeking close proximity to SFO, easy commutes to San Francisco or the Valley and excellent schools.

We would be happy to show you any of the 9 active listings should you be interested in them.  Call us at 650-696-2820.

Last week Millbrae had 50 houses for sale.  They were on the market for an average of 68 days, and the number of homes coming to the market  appears to be moving upward.  Prices are trending downward, yet most homes in Millbrae are selling for over a Million dollars today.  A far cry from how this city of about 20,000 use to be, where modest homes housed families of modest means.  Not today.  The median price last week was $1,087,500.  Millbrae is considered a flat Cold! Buyer’s market.

The residential housing market is a great example of supply side economics with the supply and demand, and market conditions determining price.  Altos Research calculates the Market Action Index by measuring available supply relative to the current level of demand.  Index value above 30 indicates conditions favor the seller.  Sitting at 18, Millbrae is very much favoring the Buyer.  Yet the seller hasn’t figured that out as they’re still pricing homes high.  Altos Research also feels that the current pricing conditions are relatively fragile.  If the market cools off further, watch for prices coming down.

Price and Value can be measured by looking at the Price per Square Foot.  Despite the fact that home prices are rising fairly consistently, the price per square foot of homes listed in Millbrae is declining.  This can often be attributed to new and remodeled homes on the market.  Buyers in the area are paying more but also getting more for their money.

Another reason Millbrae is staying up in price has to do with the schools.  Mills High School has become a magnet for buyers from San Francisco.  Mills is part of the San Mateo Union High School District and consistently has high test scores.

Millbrae’s homes are about 59 years old,  mostly built post WWII.  They’re mostly 3 bedrooms and 2 bathrooms and about 1600 square feet in size.  The average lot is 5000 feet.  They’re pretty much like the other Peninsula cities I write about.   If you’d like more information about Millbrae’s real estate market, let me know.  I can get you a copy of the full report we subscribe to from Altos Research.

Millbrae offers top  schools, and is an easy commute to San Francisco and the Silicon Valley.  Add in that it’s the end of the BART line and close to SFO and you offer a winning combination.

According to Altos Research, local conditions are currently in the Buyer’s Market zone, which is below 30, but not strongly so.  The 90-day Market Action Index stands at 21 so buyers should expect to find reasonable levels of selection in houses to buy.

The Median Price chart is to the right, giving you an idea of how the market has jumped around from the highs of last year.  But, if you want to live in Millbrae, the price will continue to be hovering around a million dollars.

The Market Action Index shows whether it’s a Seller’s Market or a Buyer’s Market.   That red line is the key to which side we’re in, and Millbrae has  dropped into the Buyer’s Market, but only recently.

We are finally in a normal market allowing you, if you are a buyer to be able to negotiate a little on price and terms.

There is money out there to lend so if you want to make a move, get yourself Pre-Approved and make an offer on a home that you want to live in.  It’s a great time to buy and negotiate.

We are here to help you anyway we can.  If you would like some more detailed information on Millbrae’s real estate market give us a call.

• The 10 least expensive homes, with a median price of $727,000, have been on the market for an average of 43 days.
• The 9 most expensive homes, with a median price of $1,699,000, have been on the market for 57 days average.
• The 10 upper-middle priced homes, with a median price of $1,239,500, have been on the market for 62 days on average.
• The 10 lower-middle priced homes, with a median price of $918,444, have been on the market for an average of 54 days.

What does this mean?  We are into a normal market.  We aren’t seeing many homes selling quickly.  We did see 7 Millbrae homes go into contract last week, so buyers are indeed out there.

Millbrae CA

What is a normal market?  We haven’t seen any in many years so it is a good and fair question.  It is one where a home may take up to 60 or more days to sell.  It may require price reductions if it isn’t getting shown. Most important, appreciation runs between 3% and 5% per
year.  Your home will no longer be a piggy bank.

As you can see to the left, the price of homes is trending upward.  That’s because Millbrae is in Fantasy Island, where we have a shortage of homes and a lot of people qualified to buy the ones that are for sale.

Millbrae is considered to be a Warm Seller’s Market.  If the home is priced well, it will sell.
There are few bargains available in Millbrae.

All of my data comes from Altos Research and if you are interested  in more data please contact us.

Today, I am going to begin a review of the seven housing markets that we generally sell homes in starting with Millbrae. I”ll give you information about another town each day until we have gone through all of them. We are very fortunate to subscribe to one of the best real estate research companies around, Altos Research. They provide us with the little charts you can see on our website and their data is first rate and up to date.

Millbrae, 94030. Millbrae is the town just to the north of Burlingame. It’s known for its outstanding schools from Kindergarten through to Mills High School and the homes are sought after for that reason. It sits between 280 on the west and 101 on the east. BART has the last Peninsula station in Millbrae. It’s the home of SFO and an easy commute into San Francisco either by BART, CalTrain or driving. Currently, the median single family home sells for $1,165,000, and it’s a 3 bedroom 2 bath home of about 1700 sq. feet. Altos calls Millbrae a Warm Seller’s Market. A Warm Sellers Market means that the 90-day Market Action Index – which measures the rate of sales versus invently, stands at 34 indicating demand is relatively strong but the avilable supply of new homes don’t get snapped up immediately.

Tomorrow look for Burlingame.