San Rafael Real Estate Market Report (February 2009 Home Sales Update)

Following Novato’s lead, San Rafael’s real estate market is gathering momentum at the low end as foreclosures and short sales drive the market. With 40% of the homes for sale under $600K currently in escrow, we are looking at a pretty strong seller’s market in this competitive price range. Homes priced between $600K and $800K are also selling at a rapid clip — 29% of these homes are in escrow. While interest rates on conforming loans are super-low (again down to 4.75% as of today), the rates for conforming jumbo loans are a bit higher and apparently not being embraced by buyers as the San Rafael housing market is flat above $1 million.

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