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

San Rafael, California real estate sales were brisk in October 2009. We experienced 44 trades, up from 31 in September 2009. The entry level price band (under $600K) remains at hot, with 70% of home now in escrow, up from 64% last month. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) remains nearly the identical to last month (36% of these homes are in escrow).

It is no secret that our current real estate environment in San Rafael favors buyers, not only because of the state of the market, but also because of superior interest rates, FHA loan availability (allowing purchase loans up to $729,000 with 3.5% down), and a shifting mindset by both buyers (who are ready to pull the trigger) and sellers (who are ready to do what it takes to sell). Meanwhile, housing inventory for single family homes fell to 135 homes (from 154 last month).

As reported this Summer, San Rafael listing prices experienced a brief rise from March to June, but that trend has reversed and resumed its downward trajectory. By comparison, asking prices in Novato have been rising for several months, leading many to believe that the bottom has formed in Novato. It does not appear this transition has fully settled in San Rafael.

Of the 44 homes sold in September 2009, the average days on market was 87 days, the average sales price was $839,518, and the average home size was 2,082 square feet — roughly $404 per sq. ft. (the average price per square foot has  remained virtually unchanged for several months). Homes in Lucas Valley, The Dominican, Terra Linda North, and Peacock Gap generated the most calls and showings this past month.

Price Range	Total Homes	Percent Pending
Up to $600K	44	70%
$600K – $800K	70	36%
$800K – $1 mil.	46	17%
$1 mil. – 1.5 mil.	31	23%
$1.5 mil. – $2 mil.	11	20%
$2 mil. & Up	8	25%

If you would like me to run the exact numbers for your San Rafael neighborhood or if you have any questions about our many delightful communities, just give me a call at (415) 350-9440.

My name is Kyle Frazier. I am a Broker, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Realtors | Pacific Union International. It is always my pleasure to be of service.

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

San Rafael, California’s real estate market continues leaning heavily on foreclosures and short sales for volume. The entry level price band (under $600K) remains at a slow boil with 64% of home are now in escrow, same as last month. Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) rose to 38% of homes in escrow from 31% in September 2009).

It is no secret that our current real estate environment favors buyers, not only because of the state of the market (e.g., prices back down to 2003 levels in many cases), but also because of superior interest rates, FHA loan availability (allowing purchase loans up to $729,000 with 3.5% down), and a shifting mindset by both buyers (who are ready to pull the trigger) and sellers (who are ready to do what it takes to sell).

Housing inventory for single family homes in San Rafael fell to 154 homes (from 169 last month). It is interesting to note that while San Rafael’s inventory has risen and its percentage of homes in escrow has dropped, Novato (the next city north) has experienced the opposite. In fact, in the move up market, Novato sales rates eclipse San Rafael’s by a long-shot.

As reported this Summer, San Rafael listing prices experienced a brief rise, but that trend has reversed and resumed its downward trajectory. By comparison, asking prices in Novato have been rising for several months, leading many to believe that the bottom has formed in Novato. It does not appear this phenomenon is being replicated in San Rafael.

Thirty-one homes sold in September 2009. The average days on market was 109 days, the average sales price was $710,946 (down from $846,194 last month) and the average home size was 1,822 square feet — roughly $402 per sq. ft. (despite the dip average sales price, the price per square foot remained virtually unchanged). Homes in Lucas Valley, The Dominican, Terra Linda North, and Peacock Gap generated the most calls and showings this past month.

Price Range	Total Homes	Percent Pending
Up to $600K	45	64%
$600K – $800K	89	38%
$800K – $1 mil.	50	20%
$1 mil. – 1.5 mil.	34	24%
$1.5 mil. – $2 mil.	10	0%
$2 mil. & Up	10	40%

If you would like me to run the exact numbers for your San Rafael neighborhood or if you have any questions about our many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Certified Residential Specialist (CRS) and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane International Real Estate. It is always my pleasure to be of service.

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

San Rafael, CA’s real estate market is increasingly fueled by foreclosures and short sales. The entry level price band (under $600K) remains extremely hot (84% of such homes are currently in escrow) and the $600K to $800K price band has seen steady activity with 35% of homes in escrow (same as last month). Increased affordability, low interest rates (rates are down from the time of last month’s report), an increased presence of FHA loans, and a shifting mindset by both buyers and sellers, are impacting these price points in a positive manner. Additionally, the $8K tax credit for first time home buyers is likely helping pull some buyers into the fray, despite the income limitations placed on this credit. It will be interesting to see if the government expands the credit to include ALL buyers and increases the credit amount to $15,000 — that would make a big difference for a lot of people. Overall, the number of homes on the market fell to 142 homes (from 159 last month).

The big news in San Rafael real estate this past month revolved around the sale of Carlos Santana’s 1.7 acre, 7,000 square foot estate, which sold for $4.185 million after a short two weeks on the market. Congratulations Carlos! Meanwhile, San Rafael listing prices experienced a brief rise earlier this Summer, but have again begun a downward shift over the past few weeks. By comparison, asking prices in Novato have been rising for several months, leading many to beleive that the bottom has formed in Novato. It does not appear this phenomenon is being replicated in San Rafael.

Thirty-two homes sold in July 2009 (down from 38 in June 2009). The average days on market was 103 days, the average sales price was $802,352, and the average home size was 1,902 square feet — roughly $409 per sq. ft. Excluding the Santana estate mentioned above, the numbers are as follows: the average days on market was 106 days, the average sales price was $693,234, and the average home size was 1,737 square feet — roughly $403 per sq. ft.

The hottest neighborhoods: Lucas Valley, The Dominican, and Gerstle Park remain very attractive to many buyers, as do Terra Linda and Peacock Gap. Finally, if you know anyone interested in a very well maintained Eichler with a wonderful outdoor living area, please let me know as I have clients considering a move if the right buyer comes along.

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

Marin Real Estate (March 2009)

Although February was a short and rainy month, Marin County, CA., still experienced a good number of sales. So far in March 2009. we are seeing increasing inventory similar to “normal” years (I hesitate to call 2009 a “normal” year in light of the current economic situation). Recent gains in the stock market are a welcome change. Interest rates are down to about 5% on conforming loans right now, which is great (that is more than 1 full point lower than this time last year). So, it seems the pump is primed. We’ll see if the real estate market responds.

Obviously, the more stringent underwriting policies of lenders are stifling demand. Although word on the street is that at least one big lender has taken steps to loosen up underwriting practices. It is obvious to everybody who comes into contact with the Marin real estate market that home buyers are continuing to wait for the perceived bottom. This, despite the FACT that interest rates are as low as could be realistically expected and prices in many Marin communities and neighborhoods have receded to 2003 or 2004 price levels.

[Click here for the rest of the report, courtesy of NorthBayRE.com.]

Marin Luxury Real Estate (March 2009)

While sluggishness has trickled-up into the luxury real estate market in Marin, CA., there is legitimate cause for optimism in coming months. For example, there were 161 new escrows opened in Marin County in February 2009. While the majority of these (68%) were value plays in Novato and San Rafael, it was the highest level seen since August 2008 and was 19% higher than February 2008–encouraging news since we had just 19 “working days” last month. Moreover, the first 2 weeks of March 2009, resulted in 116 opened escrows. In March 2008, we saw just 98 homes go into escrow. That is an increase of 18% over last year. Again, encouraging. For a detailed accounting of national trends, click here for the March 2009 Market Report from Institute for Luxury Home Marketing. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, e-mail me.

It is clear to me that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. The $8,000 no-strings-attached credit from the government (for first time home buyers, loosely defined as someone who has not owned a home for the past 3 years and meets income limitations), the increased conforming loan limit (set to go back up to $729,750 some time in April 2009), and a pronounced level of increased affordability across the board is a recipe for sales. I should also note that with the increased conforming loan amount, buyers with 25% down (and who otherwise qualify) will be able to obtain top-shelf financing for purchases of a little over $1.6 million.

[Click here for the rest of the article, courtesy of ImagineMarin.com].

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 Market Report (January 2009 Home Sales Update)

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.

 

 

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. 

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.

Marin County Homes Report (December 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].

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