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

The housing market in San Rafael reflects the typical seasonal slowdown in activity. Inventory is down to 90 active listings (down from 114 homes on the market in December 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. Buyers now focus very carefully on knowing every home in a given market segment and show deep understanding of their leverage in this flat market.

Of the 27 homes that sold during the past month (sales are down a bit from 34 home sales in November 2007), they averaged about 73 days on market, for an average price of about $957,000 (about $482/square foot). In something of a statistical anomaly, San Rafael’s luxury and sub-luxury markets remain very active, with 40% of homes in escrow in the $1.5 million to $2 million price range. And the market also remains at a slow boil at the entry level, with 23% 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.