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

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

Introduction

June 2014 EOM Market Trends

June 2014 EOM Trends

Hi Marinites. The Bay Area real estate market showed healthier trends in June 2014.  However, most of the indicators remain well below their long-term normal levels.  Even though prices continued to rise, this rise is only at 1/3 the pace seen a year-ago. Buyers in this real estate market continue to struggle with the limited availability of homes for sale, peak prices, and a mortgage environment that remains constricted; reported the DataQuick real estate market information service.

“Trends in the Bay Area lead the rest of the state by at least half a year. The reason is straight out of Econ 101: Jobs. As far as underlying indicators go, we’re watching prices, especially from category to category. And we’re still watching how the mortgage market is behaving, and misbehaving. There’s a lot of opportunity out there for lending institutions that could expand their product lines. In today’s Bay Area real estate market, for example, adjustable-rate mortgages should be much more widespread,” said DataQuick analyst, John Karevoll.

We now turn to a more detailed look at the June 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

June 2014

The number of homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park was down to 44 homes sold for the month of June 2014. However, this figure was above the recent support level of 42 seen during the month April.  This means the long term upward trend in homes sold is still in place.

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

DOM v SP-LP percentage

June 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 moved up slightly to 40 days in June 2014, with the percentage of sale price/list price making further increases to 103%.

Inventory

Months of Inventory v Pending Sales

June 2014

The availability of homes for sale remains low despite the months of inventory moving up a little to .9 months in June 2014.

Average Prices

Avg Price on For Sale & Sold Homes

June 2014

Both the average price of available homes for sale and the average price of homes sold seemed to continue their upward trends in June 2014. The resulting gap between the average list price and the average sold price decreased over 50% from last month to $40,000. Average price of homes for sale came in at $814,000; while the average price of homes sold rose to $774,000.

Average Price per Square Foot

Avg Price per SqFt

June 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 reached a new 15 month high of $460 in June 2014.

Conclusion

DataQuick continues to report that many real estate market indicators are trending toward their normal long-term levels. For example,

  • ARM’s, or adjustable-rate mortgages, continue to re-establish their normal place in the real estate financing marketplace.
  • Jumbo loans, or those mortgages greater than the previous $417,000 conforming limit, accounted for 57.1% of the loans made on homes purchased in June. This represented a slight increase over the 56.9% of loans made in May.
  • Government-insured FHA home purchase loans, a popular choice among first-time buyers, were up slightly to 10.2% of all Bay Area home purchase mortgages in June.
  • The number of homes purchased and financed with multiple mortgages in June was very low.
  • Indicators of real estate market distress continued to decrease throughout June. Foreclosure resales in the Bay Area were unchanged in June but fell 6% from a year ago; remaining significantly below their levels from a year-ago.

If these upward trends in the local Marinwood & Lucas Valley indicators; as well as the overall Bay Area indicators, have you thinking about getting into today’s Marinwood or Lucas Valley real estate markets, either as a buyer or a seller, contact me, Liz McCarthy.

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