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 (September 2009 Home Sales Update)

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.

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

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.

 

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

 

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).

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. 

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.

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].

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

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 (February 2009 Home Sales Update)

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. 

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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