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

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

Introduction

June 2014 EOM Market Trends

July 2014 EOM Trends

Hi Marinites. Home sales in the Bay Area dipped during July 2014 as a result of continuing constraints in available supply, declines in home affordability, and the continued tight mortgage market. While average sale prices rose year-over-year, a three-month plateau remains in place, DataQuick reported.

“The Bay Area housing market is still in transition, still dealing with the remnants of the Great Recession. That said, it’s also a market that is in the process of re-balancing itself with the region’s on-the-ground economic realities, mainly decent economic growth and job creation. There still seems to be a bit of buyer and seller reticence. Meanwhile, many analysts are still drumming their fingers on the table, waiting for the mortgage market to normalize,” said DataQuick analyst, John Karevoll.

We now turn to a more detailed look at the July 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

July 2014

38 homes were sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park during July 2014; decreasing significantly from the 48 homes sold last month. This drop statistically confirms the downward trend being experienced lately.  However, the slight decrease in homes for sale did not fall below the recent support level of 36 set in May.

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

DOM v SP-LP percentage

July 2014

The average Days-on-Market (DOM) on homes sold jumped dramatically in July 2014 to 61 days. This decrease impacted the drop in the percentage of sale price/list price to 100%.

Inventory

Months of Inventory v Pending Sales

July 2014

With the months of inventory increasing to 1.1 months in  July 2014, the inventory of homes for sale may be starting to rise in the neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park.

Average Prices

Avg Price on For Sale & Sold Homes

July 2014

The average price of available homes for sale maintained its recent plateau with only a slight decrease to $800,000.  The average price of homes sold fell dramatically to $643,000.  This could represent a new long term downward trend since this price broke through the lowest point of the recent plateau range, which was set back in May. As a result, the gap between the average list price and the average sold price blew out to $107,000, the largest gap seen all year.

Average Price per Square Foot

Avg Price per SqFt

July 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 seems to be plateauing in a range between $432-$458 per sqft; as an average price per sqft of $446 was recorded in July 2014.

Conclusion

July’s DataQuick report also indicated that during the past year, a variety of real estate market indicators were trending incrementally toward their long-term norms even though they sometimes vacillates from month-to-month. For instance,

  • ARM’s, or adjustable-rate mortgages, accounted for a quarter of the mortgages on homes sold in the Bay Area.  This represents a decreased from last month and an increase over July of of last year.
  • Jumbo loans, or those mortgages greater than the old conforming limit of $417,000, accounted for more than half of the July home purchase lending.
  • Again, indicators of market distress continued to decline in July. The percentage of home sales that were foreclosures or short sales both declined.

If this real estate market environment has you thinking about either buying or selling a home, contact Liz McCarthy to get things started.

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