Like most of Marin County's real estate markets, the San Rafael market is performing admirably. The bread and butter homes of San Rafael are priced between $750,000 and $900,000. These homes continue to sell fairly quickly (although the definition of "fairly quickly" has been extended over the past couple of years). In fact, 30 of these homes sold last month, comprising a vast majority of the total of homes sold (there were a total of 48 homes sold last month in San Rafael). San Rafael homes priced in the $1 million - $1.5 million range continue selling at a respectable pace (33% are in escrow-down from 47% last month). As always, homes that are nicely maintained, updated, and/or located in the most desirable neighborhoods continue to sell briskly.
Homes that sold during the past month (again, there were 48 home sales, which is down by 2 from April 2007) averaged about 50 days on market (note that active homes have been on the market an average of over 50 days-underscoring the need to price homes right at the outset), for an average price of about $923,000 (about $494 per square foot). Current absorption rates are lowest (indicating the lowest inventory relative to demand) in the $1 million to $1.5 million price range. The strongest micro-climate markets include Glenwood, The Dominican, Terra Linda, Marinwood, and Upper Lucas Valley.
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