San Rafael Real Estate Market Report & Home Sales Update (December 2007)

kylefrazier1,238 CommentsMarin Market Updates

The housing market in San Rafael continues to show signs of strength entering into December 2007. Inventory is down to 114 active listings (down from 179 homes on the market in November 2007). 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. As always, nicely maintained homes, which are updated, and/or located in the most desirable neighborhoods continue to sell. Yet, buyers continue to exercise extreme discretion. As noted elsewhere in my reviews of home sales throughout Marin County, whereas buyers used to settle for homes that had 5 of their top 10 amenities, buyers are now waiting for homes that fulfill 8 or 9 of their top 10 wants or needs.

Of the 34 homes that sold during the past month (sales are up as San Rafael had 32 home sales in November 2007), they averaged about 69 days on market, for an average price of about $1,098,000 (about $477/square foot). Twelve of the homes that sold in November 2007 were priced under $800,000 and another 7 homes sold between $800,000 and $1 million. 

It is noteworthy that San Rafael’s luxury and sub-luxury markets remains very active, with 36%-43% of homes in escrow (that is a Sellers’ Market folks).  In fact, a large Upper Lucas Valley equestrian estate priced over $7 million remains in escrow (and another home in Lucas Valley Estates closed escrow at $1.8 million). And the market also remains at a slow boil at the entry level, with 38% 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, Peacock Gap, and Lucas Valley (including two homes in Lucas Valley Estates). Renovated Eichler homes, particularly those in the Berry Patch) continue to see strong sales.

Price Range

Total Homes

Pending Listings

Up to $800K

40 (down 23)

28% 

$800K – $1 mil.

36 (down 11) 

15%

$1 mil. – 1.5 mil.

33 (down 5) 

8%

$1.5 mil. – $2 mil.

11 (down 9)

36%

$2 mil. & Up

4 (down 7)

43%

Feel free to contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440 or e-mail me at [email protected].