San Rafael Real Estate Market Update (October 2007 Home Sales Report)

The San Rafael housing market continues to show some signs of strength, as it has the past several months. Inventory is up slightly to 153 homes currently active on the market–up by 11 from last month. San Rafael’s bread and butter homes (those priced between $750,000 and $900,000) continue to sell if priced correctly. As always, homes that are nicely maintained, updated, and/or located in the most desirable neighborhoods continue to sell, although we are seeing buyers exercise great discretion when placing offers and negotiating terms. Indeed, whereas buyers used to settle for homes that had 5 or 6 of their top 10 wants or needs, buyers are now waiting for homes that fulfill 8 or 9 of their top 10 wants or needs.

Of the 25 homes that sold during the past month (San Rafael had 27 home sales in September 2007), they averaged about 61 days on market, for an average price of about $987,000 (about $517 per square foot). Eleven of the homes that sold in September 2007 were priced under $800,000 and another 9 homes were under $1 million. The strongest micro-climate markets during the past month included The Dominican, Glenwood, Terra Linda, Marinwood, and Lucas Valley. In the luxury home segment, a Queen Anne style home in Forbes sold for over $3 million. 

For a brief outline of the importance of the percentage of homes in “Pending” status, click HERE. Feel free to contact Kyle Frazier, CRS, Frank Howard Allen Realtors with any questions: (415) 350-9440.