Pacific Union San Rafael, CA Real Estate Update (March 2013 Real Estate Report)

March 22, 2013

Pacific Union San Rafael, CA Real Estate Update (March 2013 Real Estate Report). The number of real estate transactions in San Rafael, CA in February 2013 was impressive — with 32 sales (up 33% from January’s 24 sales), San Rafael is experiencing increased buyer interest as prices continue adjusting upwards farther south in Marin County. Indeed, just like the rest of Marin County, the inventory level of homes for sale in San Rafael remains extremely low (as of this writing, there were just 40 homes actively on the MLS in San Rafael).  And I have little doubt that the number of sales would be significantly higher if we had more homes to sell. At this point, San Rafael’s absorption rate remains near the lowest point in memory (I have been saying this now for a couple of months) with just over 1-month’s worth of homes — e.g., the number of homes on the market is enough to satisfy just over month’s worth of sales. As with much of the rest of Marin, it appears most sellers are holding out for higher prices in 2013. Nonetheless, this is an extraordinary time to sell! By the time the primary selling season rolls around in April and May, I anticipate much higher levels of inventory. It will be interesting to see what impact, if any, higher supply will have on pricing and buyer perception.

Averages relating to San Rafael home sales in February 2013 are as follows:

  • days on market — 87
  • sales price — $931K
  • home size was 2,376 square feet
  • $402 per sq. ft.

Properties in Los Ranchitos, Lucas Valley Estates, Peacock Gap, The Dominican, and Loch Lomond  generated the most calls and showings this past month. If you would like me to run the exact numbers for your San Rafael, CA neighborhood or if you have any questions about our many delightful communities, schools, shopping options, etc., just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Top 1% in Marin, a J.D., Broker, Realtor, Member of the Top Agent Network & Marin Platinum Group, a Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s International Real Estate | Pacific Union International. It is always my pleasure to be of service.

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.

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

March 9, 2009

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. 

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

January 10, 2009

As I noted last month, San Rafael’s home sales figures remained remarkably consistent throughout the year. Until November 2008, that is. And although 28% of San Rafael listings priced under $800,000 are in escrow (still a buyer’s market), the remaining price bands are suffering further at the hand of the financial crisis. For example, in the $800,000 to $1 million range, we see just 12% of homes in escrow. Beyond that, the market is virtually flat-lining with just one home in escrow over $1 million. We can only home that the new year and all-time low interest rates shake some buyers off the fence–it does appear that banks are beginning to open their purse strings again, albeit only for those who are minimum risk borrowers.

There are currently 19 houses on the market under $600,000, and another 21 under $750,000. Overall, the number of homes on the market remains low, with 114 units currently offered for sale. 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%.  

Eighteen San Rafael single family homes sold in December 2008 (19 sold in November), the average days on market was 121 days. These homes averaged about 1,888 square feet and sold for an average price of about $695,000–roughly $377 per sq. ft. San Rafael’s strongest micro-climate markets in were Terra Linda, Peacock Gap, and Lucas Valley. Finally, if you know anyone interested in an Atrium Eichler on a quiet cul-de-sac, please let me know as I have one coming on the market in the next couple of weeks.

 

 

Price Range

Total Homes

Pending Listings

Up to $800K

74 (down 11)

28% 

$800K – $1 mil.

25 (down 10)

12%

$1 mil. – 1.5 mil.

21 (down 6)

5%

$1.5 mil. – $2 mil.

9 (down 4)

0%

$2 mil. & Up

10 (down 2)

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.