San Rafael Real Estate Market (July 2007 Home Sales Report)

The real estate market in Marin’s County Seat, San Rafael, has been strong on the whole. Inventory has risen as families intent on moving during the Summer months began putting their homes on the market–there are 183 home on the market.

Home sales continue performing admirably relative to the rest of California and the country, especially the bread and butter homes of San Rafael (those priced between $750,000 and $900,000). These homes continue to sell quickly (although the definition of “fairly quickly” has been extended over the past couple of years). Fourteen of these homes sold last month, making this market segment the leader in homes sold (there were a total of 43 homes sold last month in San Rafael). Following close behind, however, was the $1 million to $1.5 million price range (with 13 sales). As always, homes that are nicely maintained, updated, and/or located in the most desirable neighborhoods continue to sell briskly.

Homes that sold during the past month (again, there were 43 home sales, which is down by 5 from May 2007) averaged about 59 days on market (note that active homes have been on the market an average of over 64 days–underscoring the need to price homes right at the outset), for an average price of about $1,075 (about $539 per square foot). Current absorption rates are lowest (indicating the lowest inventory relative to demand) in the under $800,000 and the $1 million to $1.5 million price ranges. The strongest micro-climate markets during the past month included The Dominican, Glenwood, Terra Linda, Marinwood, and Lucas Valley.