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

The housing market in San Rafael reflects the pent-up demand noted in these articles for the past several months. Inventory is up and the percentage of homes in escrow is up. As noted below, San Rafael’s bread and butter homes (those priced between $750,000 and $900,000) continue to sell if priced in accordance with recent relevant sales. Buyers now focus very carefully on knowing every home in a given market segment and show deep understanding of their leverage in this market. That said, the percentages of homes in escrow have risen markedly in most every market segment as buyers look to capitalize on the low interest rates and the low prices obtainable in today’s market.

Of the 13 homes that sold in January 2008, they averaged about 101 days on market, sold for an average price of about $1.37 million (this figure is much higher than normal because an ultra-luxury equestrian estate in Lucas Valley sold for over $7 million), and an average of about $493/square foot. In something of a statistical anomaly carrying over from last month, San Rafael’s luxury and sub-luxury markets remain very active, with 50% of homes in escrow in the $1.5 million to $2 million price range (along with 33% of homes priced over $2 million). And the market also remains at a slow boil at the entry and move-up levels, with 21% – 26% of homes in escrow. 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, particularly those in the Berry Patch, continue to see strong sales.

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