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February 2015 Marinwood, Lucas Valley, Mont Marin & San Rafael Park EOM Real Estate Market Trends

Introduction

Hi Marinites. The number of Marin County homes sold in February 2015 came in slightly lower than the homes sold in January. These figures represented the lowest number of homes sold in any February over the past seven years. The average price that was paid also decreased slightly in February. It was the smallest gain for the same month from the previous year since the average sale price began its rise on a year-over-year basis almost three years ago.

“February is always a bit odd from a numbers standpoint. March should provide a better view of emerging trends this year,” said DataQuick data analyst Andrew LePage. “That said, it is easy to see that supply is still constrained. It’s also clear the mortgage market remains off-kilter. Home loans are readily available for those who have good credit, a W-2 income and who are applying for a government-backed mortgage. But it can still be challenging for others, such as the self-employed and retired, even for those with a high income or significant assets, or both.”

Additional highlights for the end of the month Bay Area real estate market in February 2015 included:

  • One of the indicators of mortgage availability, adjustable-rate mortgages or ARM’s, accounted for about a fifth of the loans made on Bay Area home purchases.
  • Home foreclosure resales made up almost 5% of the resales in February, up slightly from the resales recorded in January 2015.
  • Meanwhile, short sales on homes accounted for about 4.8% of the Bay Area home resales in February. This was down significantly from the 5.2% seen in January.
  • Investors, and other absentee buyers, purchased nearly a quarter of all homes sold in the Bay Area in February.

Given this view on the overall Bay Area real estate market, let’s take a more detailed look at the February 2015 end-of-month statistics that highlight the Marinwood, Lucas Valley, Mont Marin & San Rafael Park neighborhood real estate market trends.

Listings

ForSale & Sold & Pending & New Listings

February 2015

Both the homes sold and homes for sale real estate market indicators in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park moved higher in February 2015. However, the pending listings and new listings decreased without breaking through the most recent support level.

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

DOM v SP-LP percentage

February 2015

The average Days-on-Market (DOM) on homes sold retreated in February to 60 days. At the same time, the percentage of sale price/list price rose to 99%.

Inventory

Months of Inventory v Pending Sales

February 2015

February’s months of inventory in the neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park increased to 1.8 from 1.2 months, marking strong reversal of the downward trend that appeared to be starting last month.

Average Prices

Avg Price on For Sale & Sold Homes

February 2015

The average price of homes sold increased slightly to $666,000, while the average price of homes for sale decreased to $736,000. Therefore, the resulting gap of $70,000 closed considerably.

Average Price per Square Foot

Avg Price per SqFt

February 2015

The average price per sqft of homes sold in the San Rafael neighborhoods of Marinwood, Lucas Valley, Mont Marin and San Rafael Park was virtually the same as last month at $476.

Conclusion

Some major points are worth noting in February’s charts:

  • The average price of homes sold increased and the average price of homes for sale decreased, resulting in a considerable closing of the gap between the two.
  • The number of homes sold and the numbers of homes for sale were both up while their accompanying listings were down.
  • January’s emerging downward trend in the months of inventory looks to have been averted.
  • The average price per sq ft was virtually identical to January’s numbers.

Buying or selling in this kind of real estate market environment requires a skilled and experienced real estate agent such as Liz McCarthy. Contact her and have an honest discussion about your particular situation.

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