San Rafael Real Estate Update (December 2008)

December 26, 2008

The San Rafael real estate market has been the model of consistency this year–up until last month. Although 29% of homes are currently in escrow in the low end (under $800,000), the rest of the market is at a standstill. In the $800,000 to $1 million range, we have 14% of homes in escrow. And when it comes to the higher end of the spectrum, the market is virtually flat-lining with just one home in escrow over $1 million. Nobody can recall a time where the market has exhibited such an utter lack of vitality. 

There are currently 20 houses on the market under $600,000, and another 25 under $750,000. As reported the past few months, it is apparent to me that buyers seem unimpressed with our San Rafael housing inventory and that these buyers are exploring Novato. Click HERE for my this month’s market report provided by www.Novato101.com. Perhaps this is in part due to the fact our San Rafael inventory is very low–just 141 units are currently on the market. I do expect a large uptick in listings come the new year as sellers who decided to sit out this past year begin testing the market early and buyers begin to take advantage of the ever-lower interest rates, which some predict may go down as far as 4%.  

Of the 19 homes that sold in November 2008 (26 sold in October), the average days on market was 123 days. These homes averaged about 2,159 square feet and sold for an average price of about $954,000–roughly $434 per sq. ft. San Rafael’s strongest micro-climate markets in November 2008 included Terra Linda, Peacock Gap, and Lucas Valley. For those of you who missed it last month, check out the October 2008 edition of Architectural Digest for some sublime examples of modern architecture, including an amazing prefab green home built by Marmol Radziner in the Utah desert.

Price Range

Total Homes

Pending Listings

Up to $800K

85 (same)

29% 

$800K – $1 mil.

35 (down 9)

14%

$1 mil. – 1.5 mil.

27 (down 2)

4%

$1.5 mil. – $2 mil.

13 (down 6)

0%

$2 mil. & Up

12 (down 5)

0%

 If you have any questions regarding the current real estate market in San Rafael, California, please contact Kyle Frazier, Marin Realtor & CRS, Frank Howard Allen Realtors Marin: (415) 350-9440.

Marin County Homes Report (December 2008)

December 26, 2008

Insofar as Marin County goes, the holiday season is not traditionally an active time for home sales–this year is no exception. Inventory is down to 607 homes for sale (we had about 716 last month). Although reports of multiple offers continue–especially on well-priced bank owned properties in Novato–even the foreclosures are sometimes taking a long while meandering to a close. Despite the ongoing financial crisis, interest rates are very attractive and they are being pushed down further for those that qualify. I do feel that there is a large level of pent-up demand that will expose itself in the new year. But, until then, enjoy your families, your friends, and the holidays. The graph below breaks down the current number of homes (not including condos) for sale …

[Click HERE for the rest of the article, courtesty of www.NorthBayRE.com].

Marin Luxury Real Estate (December 2008)

December 26, 2008

There are 85 homes on the market between $2 million and $4 million. As predicted in last month’s update, November sales slowed significantly following the mid-September meltdown in the financial sector–there were only 5 sales (down from 19 in October). Each of the following cities or towns had one sale: Mill Valley, San Rafael, Tiburon, Belvedere, and Kentfield. The average days on market for the homes that sold was 80 days and the average sales price was just over $2.58 million (roughly $849 per square foot), with an average of 3,209 square feet. Belvedere and Tiburon have 5 and 3 homes, respectively, currently in escrow. 

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) has again dropped precipitously (as is common this time of year). There are now 34 active listings, compared with 49 in November. Belvedere and Tiburon provide a large percentage of our ultra-luxury homes. […]

[Click HERE for the rest of the article, courtesty of www.ImagineMarin.com]