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

Heading into the holiday months, the San Rafael housing market continues to show obvious signs of strength. Inventory is up by 24–there are 179 homes currently on the market. San Rafael’s bread and butter homes (those priced between $750,000 and $900,000) continue to sell quickly if priced correctly. As always, homes that are nicely maintained, updated, and/or located in the most desirable neighborhoods continue to sell, although we are seeing buyers exercise great discretion when placing offers and negotiating terms. Indeed, whereas buyers used to settle for homes that had 5 or 6 of their top 10 wants or needs, buyers are now waiting for homes that fulfill 8 or 9 of their top 10 wants or needs.

Of the 32 homes that sold during the past month (San Rafael had 25 home sales in October 2007), they averaged about 61 days on market, for an average price of about $1,018,000 (about $487/square foot). Thirteen of the homes that sold in November 2007 were priced under $800,000 and another 7 homes were under $1 million. 

It is noteworthy that San Rafael’s luxury and sub-luxury markets are HOT, with 40%-45% of homes in escrow.  In fact, a large Upper Lucas Valley equestrian estate priced over $7 million recently went into escrow. And the market is also cooking at the lower end, with 30% of homes in escrow.  These are very strong numbers! For a brief discussion regarding the importance of the percentage of homes in “Pending” status, click HERE. San Rafael’s strongest micro-climate markets during the past month included The Dominican, Glenwood, Terra Linda, Marinwood, and Lucas Valley.  

 Feel free to contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.