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

As Summer wears on, the entry level market in San Rafael has exploded. My market reports have been noting the pent-up buyer demand for months now. July 2008 can be characterized as the “warm water month” because it seems everyone jumped in. Over 43% of homes in the under $800,000 price range are in escrow! That is a hot market. Despite stricter underwriting policies many buyers can qualify for loans and it appears that they are focused on the low end–and there is plenty of inventory to accommodate. Nineteen homes are for sale under $600,000 and 33 homes are listed under $700,000.

Sellers are focused on presenting their homes in the best possible light and (even more importantly) pricing their homes to sell. Buyers know value when they see it (and they expect to see some sizzle from motivated sellers). Of the 37 homes that sold in July 2008 (43 sold in May), the average days on market was 59 days (down from 80 days in June 2008). These homes sold for an average price of about $930,000 (about $481/square foot) and the average size was approximately 1,983 square feet).  San Rafael’s strongest micro-climate markets during the past month included Glenwood, Los Ranchitos, Santa Venitia, and Lucas Valley. Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes quickly and decisively.

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