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

For months now San Rafael real estate has shown impressive strength, although the market cooled this past month. As Summer goes forward, I expect that the market will remain in a holding pattern. Stricter underwriting policies (making it harder to borrow money) are forcing many buyers to focus on the low end–and there is plenty of inventory to accommodate this demand with 19 homes for sale under $600,000 and 36 homes under $750,000 (this number is down by 21 from last month).

Sellers still need to focus their efforts 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 46 homes that sold in June 2008 (44 sold in May), the average days on market was 80 days. These homes sold for an average price of about $1,024,000 (about $505/square foot) and the average size was approximately 2,002 square feet).  San Rafael’s strongest micro-climate markets during the past month included Glenwood, Terra Linda, Marinwood, Peacock Gap, and Lucas Valley Estates. Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes quickly and decisively.

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