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August 2014 Marinwood, Lucas Valley & San Rafael 94903 EOM Real Estate Market Trends

August 2014 Marinwood, Lucas Valley & San Rafael 94903 EOM Real Estate Market Trends

Introduction

June 2014 EOM Market Trends

August 2014 EOM Trends

Hi Marinites. Once again, the number of homes in the Bay Area sold in August declined.  The constrained supply of available homes, affordability issues and unpredictable mortgage availability have been impacting potential buyers.  As a result, the average price paid for a home in the Bay Area decreased somewhat.  The CoreLogic DateQuick real estate information service confirmed that this usually happens in the Bay Area real estate market from July to August,

“Among the professional number crunchers, there’s been talk lately of a ‘new normal’ and maybe even the need to re-benchmark key statistical indicators like sales and price levels. The fact is that the housing market is still slowly moving back toward long-term norms that were thrown out of whack back during the Great Recession. The most congestion in the various pipelines that comprise the housing market today is caused by abnormalities in the mortgage market,” said CoreLogic DataQuick analyst, John Karevoll.

We now turn to a more detailed look at the August 2014 end-of-month statistics that highlight the local real estate market trends seen in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park.

Listings

ForSale & Sold & Pending & New Listings

August 2014

32 homes were sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park during August 2014.  This represents a 20% decrease from the July homes sold. This drop was accompanied by a continued steep drop in new listings of homes for sale.

Sale Price / List Price Percentage and Days-on-Market

DOM v SP-LP percentage

August 2014

While the average Days-on-Market (DOM) of homes sold decreased to be more in line with recent levels, the percentage of sale price/list price showed no change, again coming in at 101%.

Inventory

Months of Inventory v Pending Sales

August 2014

With the months of inventory decreasing slightly to 1.1 months in August 2014, the recent upward trend in the inventory of homes for sale was interrupted.  We will have to wait until next month’s numbers come out to determine whether the emerging upward trend in the neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park will continue.

Average Prices

Avg Price on For Sale + Sold Homes

August 2014

As opposed to the overall Bay Area real estate market, the average price of homes sold  in the neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park increased in August 2014.  The average price of homes sold rose to $762,000.  This ceiling has been reached 3 times in the last year but has not been able to exceed it to indicate a full upward trend in the average price of homes sold.  With the average price of homes for sale continuing its decline, the gap between the average list price and the average sold price decreased slightly.  However, the list price was less than the sold price for the first time in a year.

Average Price per Square Foot

Avg Price per SqFt

August 2014

The average price per sqft of homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin and San Rafael Park continued within its plateauing in the range between $432-$458 per sqft; as the average price per sqft in August 2014 came in at $453.

Conclusion

Overall, August’s CoreLogic DataQuick report points to long term norms being approached incrementally by many of the standard real estate market indicators.  More specifically,

  • The number of ARM‘s in the Bay Area, a good indicator of mortgage availability, dropped slightly to 24.5% in August.  However, this level represented an increase over the 19.4% reported in August of last year.
  • The percentage of Jumbo Home Loans that accounted for Bay Area home purchases rose to 58.2% in August.  This was slightly up from a revised 57.3% in July and up significantly from the 47.9% recorded a year ago.
  • Foreclosures in the Bay Area reversed trend, increasing to 2.9% of resales in August.  However, the other indicators of market distress (eg., short sales) continued to decline in August.

If this kind of real estate market environment has you thinking about either buying or selling your home or property, contact Liz McCarthy to learn more and get things started.

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