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.
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. With 40% of the homes for sale under $600K currently in escrow, we are looking at a pretty strong seller’s market in this competitive price range. Homes priced between $600K and $800K are also selling at a rapid clip — 29% of these homes are in escrow. While interest rates on conforming loans are super-low (again down to 4.75% as of today), the 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 below chart). At this time it is unclear what new benefits, if any, home buyers may reap from the new Stimulus Bill (click here for my recent article on this topic ). There are currently 5 houses on the market under $500,000, and another 19 under $600,000. Overall, the number of homes on the market remains low, with 142 homes (up from 114 last month).
18 single family homes sold in January 2009 (same as January 2009), the average days on market was 105 days. These homes averaged about 1,864 square feet and sold for an average price of about $662,000–roughly $366 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 25 Calafia Court in Terra Linda is currently active.
|
Price Range
|
Total Homes
|
Pending Listings
|
| Up to $600K |
40 (up 1) |
40% |
|
$600K - $800K
|
55 (down 24)
|
29%
|
|
$800K - $1 mil.
|
35 (up 10)
|
11%
|
|
$1 mil. - 1.5 mil.
|
27 (up 6)
|
7%
|
|
$1.5 mil. - $2 mil.
|
11 (up 2)
|
9%
|
|
$2 mil. & Up
|
13 (up 3)
|
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.
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.
[Click HERE for the rest of the report, courtesy of www.ImagineMarin.com.]
Below is a chart breaking down current inventory and pending sales.
|
Marin Cities & Towns
|
$2 Million — $4 Million
|
$4 Million & Up
|
|
Active
|
Pending
|
Active
|
Pending
|
|
Sausalito
|
4
|
0
|
1
|
0
|
|
Belvedere
|
6
|
3
|
6
|
0
|
|
Tiburon
|
23
|
2
|
13
|
0
|
|
Mill Valley
|
6
|
1
|
2
|
0
|
|
Larkspur
|
2
|
1
|
0
|
0
|
|
Corte Madera
|
1
|
0
|
0
|
0
|
|
Kentfield
|
9
|
0
|
2
|
0
|
|
Greenbrae
|
0
|
0
|
0
|
0
|
|
Ross
|
1
|
1
|
5
|
0
|
|
San Anselmo
|
9
|
0
|
0
|
0
|
|
San Rafael
|
6
|
0
|
2
|
0
|
|
Novato
|
2
|
0
|
0
|
0
|
Call Kyle Frazier, Marin Realtor & CRS, Broker Associate, Frank Howard Allen Realtors of Marin, at 415/350-9440 for more luxury home market information. You can also e-mail Kyle at mailto:Kyle@ImagineMarin.com.
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.
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.
« Previous Page
