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

As Summer closes out and we enter the Autumn buying season, the entry level market in San Rafael continues performing well, despite a jump in listings. I referred to July 2008 as the "warm water month" because it seemed everyone jumped in–and that trend continues with about 36% of homes in the under $800,000 price range in escrow! That is strong. Despite stricter underwriting policies many buyers can qualify for today’s excellent mortgage rates and it appears that they are focused on the low end–and there is plenty of inventory to accommodate as there are fiftteen homes are for sale under $600,000 and 34 homes are listed under $700,000. It seems many folks unimpressed with San Rafael’s invetory are looking into Novato’s more affordable homes.

Sellers continue to stay focused on presenting their homes in the best possible light and pricing their homes to sell. Buyers know value when they see it (and they expect to see some sizzle from motivated sellers). Of the 30 homes that sold in August 2008 (37 sold in July), the average days on market was 82 days. These homes sold for an average price of about $822,000; about $477/square foot. San Rafael’s strongest micro-climate markets during the past month included Glenwood, Los Ranchitos, Santa Venitia, and Lucas Valley. Aficionados of renovated Eichler homes continue to snap up these mid-century modern, architecturally distinctive homes quickly and decisively (unfortunately, there will be no Eichler home tour this Fall).

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