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

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

Introduction

May 2014 EOM Market Trends

May 2014 EOM Trends

Hi Marinites.  Home sales in the Bay Area remained below their long-term norms during May 2014. Potential buyers continued struggling with a limited home availability, prices that were near or well over their pre-recession highs, and, although it’s an improving home loan environment, it’s still a bit fussy; reported the DataQuick real estate market information service.

Across the Bay Area, home sales usually increase as April moves into May. Since 1988, when DataQuick started gathering these statistics, the averages related to home sales have increased approximately 7.2% between April and May each year.

“Virtually all the technical indicators are pointing in the direction of more market normalization. We are surprised that the rates of change in that direction remain so pitifully incremental. Right now we’re keeping an eye on prices. While some of the Bay Area counties have already re-reached or passed their pre-recession price peaks, the region as a whole is on pace to reach that point later this summer,”  said DataQuick analyst, John Karevoll.

We now turn to a more detailed look at the May 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

May 2014

Homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park numbered 53 during the month of May 2014; rising significantly while breaking through the ceiling high of 43 homes set last June. This year-over-year rise of 43% represents a statistical confirmation of the new upward trend in homes sold.  Similarly, the number of pending listings continues to grow.  This trend would forecast would continue to indicate the upward trend in homes sold.

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

DOM v SP-LP percentage

May 2014

While the average Days-on-Market (DOM) for homes sold in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park move down slightly to 39 days in May 2014, the percentage of sale price/list price remained above 100%.

Inventory

Months of Inventory v Pending Sales

May 2014

The availability of homes for sale remains low as indicated by the continuing downward trend in the months of inventory figures in the neighborhoods of San Rafael 94903.

Average Prices

Avg Price on For Sale & Sold Homes

May 2014

Both the average price of available homes for sale and the  average price of homes sold seemed to reverse their recent trends.  As a result, the gap between average list price and average sold price increased to $93,000.  This was the first increase in several months.  The average price of homes for sale came in at $783,000; while the average price of homes sold decreased to $687,000 during May 2014.

Average Price per Square Foot

Avg Price per SqFt

May 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 pulled back slightly to $434 in May 2014.  However, it was still above the recent support level of $432 per sqft.

Conclusion

DataQuick also reported that a number of real estate market indicators are showing trends moving toward their long-term norms. That is,

  • ARM’s, or adjustable-rate mortgages, are showing signs of re-establishing a foothold in the real estate market.
  • Jumbo loans, or those mortgages greater than the previous $417,000 conforming limit, accounted for 56.6% of May’s purchase lending. This was a slight decrease from the revised 56.9% recorded in April.
  • Indicators of real estate market distress continued to decline in May. Foreclosures remained far below both their year-ago levels, and their peak levels. Additionally, the financing of home purchases with multiple mortgages came in very low in May, while down payment sizes continued to be quite stable.

If all this has you thinking about getting into today’s real estate market, either as a buyer or a seller, contact Liz McCarthy to get things started.

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