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October 2014 Marinwood, Lucas Valley, Mont Marin & San Rafael Park EOM Real Estate Market Trends

October 2014 Marinwood, Lucas Valley, Mont Marin & San Rafael Park EOM Real Estate Market Trends

Introduction

June 2014 EOM Market Trends

October 2014 EOM Trends

Hi Marinites. The Bay Area residential real estate market saw another modest rise in sales during October 2014.

“After hitting what many view as a stratospheric level, Bay Area home prices have shown signs of leveling off,” said DataQuick analyst, John Karevoll.  “To some extent it’s the result of sticker shock and a modest pickup in inventory. A bigger jump in inventory would make price spikes less likely. Still, if we see more job and wage growth heading into 2015 it’s easy to imagine demand and price pressures building again. People torn from homeownership by a foreclosure or short sale over the past seven years will be looking to buy again. And there’s pent-up demand from those who’ve delayed a purchase as they repaired their finances, struggled to qualify for a loan, or wrestled with doubts about job security or the direction of the housing market.”

Activity in the Bay Area real estate market has remained below average due to several factors; 1) the tapering off of cash purchases, 2) buyers facing a limited inventory of available homes, and 3) challenges related to the affordability and availability of mortgages. Prices on homes sold in recent months appear to have reached a plateau.  However, the October 2014 average sale price exceeded that of a year ago.

Let’s have a more detailed look at the October 2014 end-of-month statistics that highlight the Marinwood, Lucas Valley, Mont Marin & San Rafael Park neighborhood real estate market trends.

Listings

For Sale, Sold, Pending, & New Listings

October 2014

New listings on available homes in the San Rafael 94903 neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park have been volatile in recent months.  However, they still trended downward to 26 during October 2014. Pending listings stayed in sync with homes sold as both measures rose to 41 and 36, respectively.  This trend could continue as the number of homes for sale remained strong at 48.

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

DOM v SP-LP percentage

October 2014

The average Days-on-Market (DOM) on homes sold broke the recent downward trend, rising to 47 days.  This number did not break through the either of the recent ceiling or support levels; meaning there was no clear indication of a trend in either direction.  This plateau was accompanied by the percentage of sale price/list price remaining at 101%.

Inventory

Months of Inventory v Pending Sales

October 2014

October’s months of inventory in the neighborhoods of Marinwood, Lucas Valley, Mont Marin & San Rafael Park reflected the volatility in new listings by slipping to 1.2 months.

Average Prices

Avg Price on For Sale & Sold Homes

October 2014

The average price of both homes for sale and homes sold rose slightly in October 2014. However, the gap between the average list price and the average sold price continued to shrink to $74,000.

Avg Price per SqFt

October 2014

Average Price per Square Foot

The average price per sqft of homes sold in the San Rafael neighborhoods of Marinwood, Lucas Valley, Mont Marin and San Rafael Park decreased to $436.  However, this figure remains in the plateau range of $432-$458 achieved during the last 6 months.

Conclusion

The real estate market in the San Rafael neighborhoods of Marinwood, Lucas Valley, Mont Marin and San Rafael Park can be summarized in the following bullet points and seems to be consistent with the overall Bay Area real estate market:

  • New listings remain somewhat volatile.
  • Average prices continue their plateau levels.
  • The months of inventory in the market mirrors the volatility of the new listings.
  • Prices of both homes sold and homes for sale remain steady.
  • The average price per sqft remains consistent.

Buying or selling in this kind of real estate market environment requires a skilled an experienced real estate agent like Liz McCarthyContact her to get things rolling.

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