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

Following Novato’s lead, San Rafael’s real estate market is gathering momentum at the low end as foreclosures and short sales drive the market. We are currently experiencing 31% pending ratio for homes priced at or below $600K. Although not as strong a market segment as Novato, I would still characterize it as competitive price band.

Importantly, San Rafael’s bread and butter homes, priced between $600K and $800K continue selling at a rapid clip — 31% of these homes are in escrow (up 2% from January 2009). Low interest rates on conforming loans are helping many buyers in the lower price ranges attain home ownership. Meanwhile, rates for conforming jumbo loans are a bit higher and apparently not being embraced by buyers as the San Rafael housing market is flat above $1 million (see lower chart). But, 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. Amazingly, we have 15 homes currently being marketed under $500,000 (there were just 5 last month), and another 16 under $600,000. Overall, the number of homes on the market remains relatively low, with 153 homes (up from 142 last month). 

As many inquiries come in regarding the distressed market, the chart below illustrates the number of, and percentage of, distressed sales so far in 2009.

SFH Sales - January 1 - March 6, 2009
		Total		Distressed		% of Total
Marin County		142		46		32%
San Rafael & Novato		73		34		47%
All Other Cities		69		12		17%
Source:  BAREIS March 8,2009

Roughly 50% of the sales in Marin County this year were in San Rafael and Novato. Of these San Rafael and Novato sales, nearly 50% were distressed sales. In all other cities the distressed component of the market is roughly 17%. 

Despite the relatively high ratio of pendings in San Rafael, only 12 homes sold in February 2009 (granted, that is a short month), which is 33% lower than January 2009. The average days on market was 148 days, sales price was $673,000, square footage was 1,846–roughly $394 per sq. ft. San Rafael’s strongest micro-climate markets in were Terra Linda, Lucas Valley, and Peacock Gap. Finally, if you know anyone interested in an Atrium Eichler on a quiet cul-de-sac, please let me know as 25 Calafia Court in Terra Linda is currently active.

Price Range	Total Homes	Pending Listings
Up to $600K	42 (up 2)	40%
$600K - $800K	61 (up 9)	29%
$800K - $1 mil.	35 (no change)	11%
$1 mil. - 1.5 mil.	33 (up 6)	0%
$1.5 mil. - $2 mil.	11 (down 1)	10%
$2 mil. & Up	16 (up 3)	0%

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

Marin Luxury Real Estate (January 2009)

While many bankers, lawyers, and executives received annual bonuses this year, many others did not. It can be expected that the resulting impact on the luxury market will be felt. Last month I noted a sluggish high end for Marin County real estate and nothing much has changed. In fact, sales and escrows slowed further. National number reflect a similar trend. Click here to view the Institute for Luxury Home Marketing’s Housing Report dated 1/4/09. If you would like a similar report relating to any town or zip code in Marin or San Francisco, e-mail me and I will send you a pdf of the report.

Marin Real Estate (January 2009)

Marin County, California real estate has slowed. While largely a function of the season (Winter is generally slow), macro-economic considerations, and more stringent borrowing guidelines, I feel that the primary source of the current slowdown relates to a perception by home buyers that “now” is not a good time to buy. Nonetheless, interest rates are at ALL-TIME LOWS (the San Francisco Chronicle’s Real Estate section has noted these records lows each of the past four weeks), prices in many Marin communities and neighborhoods are well off their peaks, and there is a wide variety of home choices out there. As evidenced by the investor actvity of the past few months, “now” does have some momentum.

Inventory is down to 503 single family homes for sale (we had about 716 last month) in the Highway 101 corridor (this number excludes Western Marin inventory). 

[Click HERE for the rest of this market report, courtesy of www.NorthBayRE.com.]

San Rafael Real Estate Update (December 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.

 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.

« Previous Page