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

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

Introduction

Hi Marinites. February’s continuing lack of available home inventory in the Bay Area has kept home buyers scrambling.  This lack of availability has greatly contributed to the new lows in sales. The average price paid for homes sold in the Bay Area increased from the average price seen in January, staying 33% higher than January a year earlier, reported DataQuick, the real estate market information service.

“A number of factors can keep a lid on sales. Affordability, for example. Or hard-to-get mortgages. These factors certainly play a role today, but clearly the main culprit is an inadequate supply of homes for sale. It’s going to be fascinating to watch how things play out between now and June. At some point rising home prices will trigger a more significant increase in the number of homes on the market. It’s just a question of when,” said DataQuick president, John Walsh.

We now turn to a more detailed look at the February 2014 EOM 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

February 2014

The quantity of homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park saw a slight increase to 16 during the month of February 2014. This is only a year-over-year decline of less than one-sixth compared to the 19 homes sold in February 2012. On the other hand, as opposed to the overall Bay Area, the quantity of new listings in February 2014 continues its upswing, rising to 33.

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

DOM v SP/LP percentage

February 2014

The average Days-on-Market (DOM) for homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park fell to 64 days in February 2014. February’s percentage of sale price/list price remained above 100%.

Inventory

Months of Inventory v Pending Sales

February 2014

The months of inventory in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park continues its upward trend with a rise to 1.7 months of inventory.  Continuation of this trend will see these numbers reach their highest in over a year.

Average Prices

Avg Price on For Sale & Sold Homes

February 2014

The average prices for both homes for sale and homes sold continued to move toward each other.  The average price of homes for sale interrupted its recent downward trend, at least temporarily, moving to $836,000. However, the average price of homes sold was still plateaued in the $560k to $750k range, as it has been for the more than 15 months. In addition, the related gap between list price and sold price continues to close, coming in at $70,000 this month.

Average Price per Square Foot

Avg Price per SqFt

February 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 rose to its highest level seen in at least 15 months, $432 in February 2014.

Conclusion

As opposed to the rest of the Bay Area, the inventory of available homes for sale in the Marinwood, Lucas Valley, Mont Marin and San Rafael Park neighborhoods of San Rafael 94903 showed some signs of life with a slight increase.  However, the rest of the market indicators still show market plateaus.

Whether or not you choose to enter this market is a very personal decision based on the unique characteristics of your individual situation.  If you need someone to talk to about your particular situation, contact me, Liz McCarthy.

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