San Rafael CA Real Estate Market Report (April 2009 Home Sales Update)

April 15, 2009

 

San Rafael CA’s real estate market is increasingly fueled by foreclosures and short sales. We are currently experiencing 44% pending ratio for homes priced at or below $600K (up from 31% last month). Although San Rafael’s low end is not as strong as Novato’s, it is certainly gathering momentum. Importantly, San Rafael’s bread and butter homes, priced between $600K and $800K continue selling — 32% of these homes are in escrow (up 1% from February 2009). Increasing affordability, low interest rates on conforming loans, and a general shift in mindset are helping many buyers in the lower price ranges attain home ownership. Additionally, the $8K tax credit for first time home buyers should also help pull buyers into the fray as value priced properties come onto the market. It is a sign of the times: San Rafael currently has 10 listings under $400K and another 9 homes under $500,000 (this is a giant increase from 5 in January 2009). Overall, the number of homes on the market continues to rise with 175 homes (up from 153 last month and about 135 last year at this time).

Real Estate Market Chart by Altos Research www.altosresearch.com

Nineteen homes sold in March 2009. Seven of the homes that sold last month were priced below $605K. Moreover, not a single home in San Rafael CA sold for $1 million — strange… The average days on market was 118 days, the average sales price was $680,000, square footage was 1,791–roughly $383 per sq. ft. San Rafael’s strongest micro-climate markets in were Terra Linda, Lucas Valley, Dominican, Trestle Glen, and Peacock Gap. Finally, if you know anyone interested in a very well maintained Eichler with a wonderful patio, please let me know as I have clients considering a move if the right buyer comes along. 

Price Range

Total Homes

Pending Listings

                Up to $600K                  54 (up 12)                      44%

$600K – $800K

65 (up 4)

32% 

$800K – $1 mil.

41 (up 6)

20%

$1 mil. – 1.5 mil.

43 (up 10)

14%

$1.5 mil. – $2 mil.

21 (up 10)

14%

$2 mil. & Up

13 (down 3)

0%

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