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

The housing market in San Rafael reflects the pent-up buyer demand noted in these market updates for several months. Again, inventory is up. And the percentage of homes in escrow is up. San Rafael homes priced between $750,000 and $900,000 continue to sell quickly if priced right. Indeed, buyers are very knowledgeable, showing great familiarity with their target neighborhoods and recent sale prices.

Of the 26 homes that sold in February 2008, they averaged about 101 days on market, sold for an average price of about $1.095 million, for an average of about $474/square foot (with homes averaging 2,277 square feet). The market remains at a slow boil at the entry and move-up levels, with 22% – 25% of homes priced below $1.5 million 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.