San Rafael Market Overview (Home Sales Report 3/1/07)

San Rafael homes continue to sell at a good pace across the board, particularly in the under $700K range. While many of these homes tend to be smaller and/or in poor condition, in less desirable neighborhoods, and/or located on a steep hill, etc., they provide the least expensive housing (especially for entry level Marin buyers) in Central and Southern Marin.

The bread and butter homes of San Rafael are priced between $700K and $900K and sell fast so long as they are nicely maintained, updated, and/or located in desirable neighborhoods. Indeed, the percentage of those in escrow shot up during the past month?50% of these homes are in escrow indicating a seller?s market.

As with the rest of Marin, homes priced correctly may or may not get multiple offers?note: the winning bid (which is not always the highest bid) is likely to be at asking price or just above (unlike the frenzied market of several years ago when overbids were in the stratosphere). Generally speaking, buyers are still in the driver?s seat for most properties. As noted in last month?s report, Terra Linda and Marinwood offer some relatively good values for buyers (especially those willing to take on homes that need some work).

Homes priced above $1.25 million in San Rafael have begun selling in earnest as evidenced by the rise in percentage of homes in escrow. Homes in San Rafael (including homes that are active and pending) have been on the market for an average of 74 days and homes that sold in the past month were on the market an average of 75 days.

If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is my pleasure to be of service.