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

The San Rafael real estate market has been the model of consistency for about 4 months now–roughly 30% of homes in the entry level (priced under $800,000) are in escrow. There are 21 homes for sale under $600,000, and another 25 homes priced under $750,000. As reported last month, it is apparent that lots of buyers who are unimpressed with San Rafael’s housing inventory are driving an exit or two North on Hwy 101 to explore the alluring inventory Novato has to offer. Click HERE for this month’s expanded market report from Novato101.com. 

Indeed, the percentage of homes in escrow in San Rafael is about on a par with that of Novato in all price bands (except the entry level in Novato is over 50%). In addition, San Rafael’s housing inventory is surprisingly low with just 160 units currently on the market (compared with 186 in Novato). These trends are out of square with tradition. Historically, the demand for homes in San Rafael exceeded that of its northerly neighbor which has a much larger inventory. We’ll see if these trends last through the coming months. Certainly, people are out in droves at open houses. I suspect that there will be a large increase in listings come the new year as sellers who decided to sit out this past year begin testing the market early. 

Of the 26 homes that sold in October 2008 (23 sold in September), the average days on market was up by about 11% to 111 days. These homes averaged about 2,375 square feet and sold for an average price of about $1.069 million–that is roughly $436 per sq. ft. San Rafael’s strongest micro-climate markets in October 2008 included Gerstle Park, The Dominican, Terra Linda, and Lucas Valley.

Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes located in Terra Linda and Lucas Valley quickly and decisively–by the way, check out the October 2008 edition of Architectural Digest for a couple of sublime examples of modern architecture, including an amazing prefabricated green home built by Leo Marmol and Ron Radziner.

If you have any questions regarding the current real estate market in San Rafael, California, please contact Kyle Frazier, Marin Realtor & CRS, Frank Howard Allen Realtors Marin: (415) 350-9440.