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

Lots of uncertainty in the air–but, San Rafael’s real estate market continues performing well as we approach the spooky time of year. Consistent with the past quarter, about 30% of homes in the under $800,000 price range in escrow (that is down 6% from last month, but demonstrates market resilience). There are 20 homes for sale under $600,000 and 36 homes under $700,000. It seems many folks unimpressed with San Rafael’s inventory are heading up HWY 101 a couple of miles and looking into Novato and its “more-bang-for-the-buck” home supply. Buyers know value when they see it (and they expect to see some sizzle from motivated sellers). 

Of the 23 homes that sold in September 2008 (30 sold in August), the average days on market was 99 days. These homes averaged about 2,045 square feet and sold for an average price of about $967,000–that is roughly $455/square foot. San Rafael’s strongest micro-climate markets during the past month included the Dominican, Santa Venitia, Terra Linda, and Lucas Valley. Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes quickly and decisively (unfortunately, there is no Eichler home tour this month).

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