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.