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

April 9, 2013

Pacific Union San Rafael, CA Real Estate Update (April 2013 Real Estate Report).  The number of real estate transactions in San Rafael, CA in March 2013 was impressive — with 36 sales (up from 32 sales in February), 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 43 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! We are now entering the primary selling season and we anticipate 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 March 2013 are as follows:

  • days on market — 109
  • sales price — $918K
  • home size was 2,325 square feet
  • $403 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.

Pacific Union San Rafael, CA Real Estate Update (January 2012 Real Estate Report)

January 30, 2012

San Rafael, CA’s December 2011 home sales remained unchanged from November 2011’s total of 33 trades. Averages relating to San Rafael home sales in December 2011 are as follows:
days on market — 105
sales price — $668K
home size was 1,915 square feet
$357 per sq. ft.
Properties in Sun Valley, Lucas Valley, Peacock Gap, and The Dominican generated the most calls and showings this past month. 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 J.D., Broker, Realtor, 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.

Pacific Union International San Rafael CA Real Estate Market Report (September 2010 Home Sales Update)

September 27, 2010

San Rafael, California real estate sales in August 2010:  25 sales. The entry level price band (under $600K) remains relatively strong — 29 of these homes are currently in escrow (39%). Meanwhile, the $600K to $800K price band (a mix of entry level and move-up homes) remains buyer-friendly with 17% of homes in escrow. The inventory for single family homes for sale increased a bit this month as it does every year after Labor Day. There are currently 217 homes active on the MLS. Price per square foot stands at $357.

Of the 34 homes sold in June 2010, the average:

  • days on market was 90 days
  • sales price was $765,287
  • home size was 2,151 square feet
  • $357 per sq. ft.

Homes in  Lucas Valley, Loch Lomond, and Peacock Gap generated the most calls and showings this past month. 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, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International. It is always my pleasure to be of service.

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

November 9, 2009

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.

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

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)

October 15, 2009

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.

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

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 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.