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

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

Introduction

March 2014 EOM Market Trends

March 2014 EOM Market Trends

Hi Marinites.  Bay Area home prices continued rising at a brisk pace in March. This was seen as a result of the stronger local economy and the limited home supply on the market. The volume of homes sold in the Bay Area was its lowest in any March recorded since 2008, reported Dataquick, the real estate information and statistics service.

“The only part of today’s Bay Area housing market that is still somewhat off kilter is mortgage financing, but even there things are trending towards long-term norms. The rest of the housing market is characterized by good old supply and demand meeting each other at various price levels,” said DataQuick analyst, John Karevoll.

We now turn to a more detailed look at the March 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

March 2014

The quantity of homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park continued its recent upward trend, rising to 20 during the month of March 2014.  Although it’s a recent increase, it’s actually a little more than a 25% decline in homes sold compared to March of 2013. On the other hand, the number of new listings in March 2014 spiked to it highest level since June of last year, coming in at 44 homes for sale.  The same thing happened with pending listings last month.

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

DOM v SP-LP percentage

March 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 dropped to 54 days in March 2014. This represents a short term downward trend; however, the 54 day figure did not break through the floor set back in November 2013.  March’s percentage of sale price/list price declined slightly to 99%.

Inventory

Months of Inventory v Pending Sales

March 2014

The months of inventory in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park dropped to 1 month in March 2014. This represents a lack of homes for sale situation similar to that being seen throughout the Bay Area.

Average Prices

Avg Price on For Sale + Sold Homes

March 2014

The average prices on homes for sale and homes sold continued to merge as the gap between the two decreased to $61,000. The average price of homes for sale moved down to $799,000.  Meanwhile, the average price of homes sold rose to $738,000 during March 2014.

Average Price per Square Foot

Avg Price per SqFt

March 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 was its lowest since last May, coming in at $391 per sqft in March 2014.

Conclusion

The March 2014 real estate market seen in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin and San Rafael Park was quite similar to the overall Bay Area market. However, the key difference was in the availability of homes for sale as the number of new listings established locally was higher than any other month in the last 15, except for one. If you are thinking about getting into this ever changing real estate market, either as a buyer or seller, contact me, Liz McCarthy, to get things started.

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