San Rafael Real Estate Market Report (April 2008 Home Sales Update)

As we enter into the prime buying season, the housing market in San Rafael is chugging along in good fashion. San Rafael’s current market reflects an interesting phenomenon–entry level homes under $800,000 are selling very well, as are homes priced between $1 million and $1.5 million. Meanwhile, homes in the remaining price ranges are not selling as briskly. Nonetheless, it still seems there is pent-up buyer demand and open houses have been very busy almost across the board. As with Marin in general, inventory is up and sellers really need to focus their efforts on presenting their homes in the best possible light and pricing their homes to sell. Buyers know value when they see it and that’s what it takes to get them to put pen to paper and make offer. 

Of the 24 homes that sold in March 2008 (26 sold in February), the average days on market was 55 days.  They sold for an average price of about $985,000 (about $511/square foot) and the average size was approximately 1,897 square feet). In an interesting twist, San Rafael’s sales numbers for March were roughly the equivalent of February’s number, while home sales in Novato more than doubled.  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, Peacock Gap, and Lucas Valley Estates. Renovated Eichler homes continue to see strong sales.

Contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.