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

August 12, 2009

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.

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

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.

Price Range Total Homes Percent Pending
Up to $600K 38 84%
$600K – $800K 79 35%
$800K – $1 mil. 41 17%
$1 mil. – 1.5 mil. 31 19%
$1.5 mil. – $2 mil. 20 10%
$2 mil. & Up 9 11%

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.

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

May 14, 2009

As noted last month, San Rafael CA’s real estate market is increasingly fueled by foreclosures and short sales. The low end (under $600K) is just on fire with “fire sale” prices. We are currently experiencing an amazing 69% pending ratio for homes priced at or below $600K (up from 31% in February). San Rafael’s bread and butter homes, priced between $600K and $800K continue selling at a moderate pace with 29% of homes are in escrow. Increasing affordability, low interest rates on conforming loans, an increased presence of FHA loans, and a shifting mindset are all resulting in a strengthening market. 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.

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

Overall, the number of homes on the market rose slightly with 179 homes (up from 174 last month and about 135 last year at this time). What is striking is the comparison between this month in 2006 and today. See below for more on this.

Twenty-six homes sold in April 2009 (up from 19 in March 2009). 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. By contrast, in 2006 46 homes sold for an average price of $1.1 million (about $497/sq. ft.). Moreover, the homes sold in half the time (53 days). While the times have changed, the hottest neighborhoods have not: Lucas Valley, The Dominican, and Forbes remain very attractive to many buyers, as to Terra Linda, Trestle Glen, Los Ranchitos, and Glenwood. 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

               48 (down 4)

                    69%

$600K – $800K

86 (up 21)

29% 

$800K – $1 mil.

48 (up 7)

29%

$1 mil. – 1.5 mil.

47 (up 4)

6%

$1.5 mil. – $2 mil.

19 (down 2)

16%

$2 mil. & Up

11 (down 2)

9%

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

San Rafael Real Estate Update (December 2008)

December 26, 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.

Price Range

Total Homes

Pending Listings

Up to $800K

85 (same)

29% 

$800K – $1 mil.

35 (down 9)

14%

$1 mil. – 1.5 mil.

27 (down 2)

4%

$1.5 mil. – $2 mil.

13 (down 6)

0%

$2 mil. & Up

12 (down 5)

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.

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