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

San Rafael real estate, although performing at a level slightly below that of Southern Marin, is showing some impressive strength in certain market segments. Much like last month, San Rafael’s entry level homes (under $800,000) are selling very well, as are homes priced between $1 million and $1.5 million–both of these segments boast over 30% of homes in escrow (For a brief discussion regarding the importance of the percentage of homes in “Pending” status, click HERE). As the buying season wears on, pent-up buyer demand is evident–as reflected by robust open house attendance and the large number of phone inquiries from both agents and the public. Competitively priced homes are commonly receiving multiple offers, and the buzz in local real estate offices is palpable.

As with Marin in general, San Rafael’s inventory is up slightly. Despite the buzz, sellers still need to focus their efforts on presenting their homes in the best possible light and pricing their homes to sell. There needs to be some sizzle as buyers know value when they see it. Of the 34 homes that sold in May 2008 (24 sold in February), the average days on market was 74 days. These homes sold for an average price of about $915,000 (about $459/square foot) and the average size was approximately 2,082 square feet). San Rafael’s strongest micro-climate markets during the past month included The Dominican, Terra Linda, Peacock Gap, and Lucas Valley Estates. Renovated Eichler homes continue to see strong sales. Contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.