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

For the past three months, San Rafael real estate has shown impressive strength. In terms of sales, from entry level homes (under $800,000) all the way up through the semi-luxury segment (homes priced between $1 million and $1.5 million), buyers are taking the plunge–almost 30% of homes are in escrow in the entry level segment (for a brief discussion regarding the importance of the percentage of homes in “Pending” status, click HERE). 

As we enter the Summer, I expect that the pent-up buyer demand evident over the past few months will continue to bolster our current steady market. As many buyers come to grips with lending changes and stricter underwriting policies (making it harder to borrow money), the low end will flourish–and there is adequate inventory to accommodate this demand with 18 homes for sale under $600,000 and 59 homes under $750,000.

The listing inventory in San Rafael dipped ever so slightly over the past month. And despite the buzz reported last month and the apparent surge in sales, 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 44 homes that sold in June 2008 (34 sold in May), the average days on market was 57 days. These homes sold for an average price of about $888,000 (about $487/square foot) and the average size was approximately 1,843 square feet).  San Rafael’s strongest micro-climate markets during the past month included The Dominican, 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.