The DuPont Group sold two San Rafael homes in 2013: 315 Summit Avenue – which was by far the highest sale in 2013 at $4,825,000 (the 2nd highest sale was $3,450,000), and 48 Junipero Serra. We like taking high-end listings in San Rafael — our relative value pitch is convincing. We know San Rafael values and can sell expensive San Rafael CA Real Estate.
The data for San Rafael in 2013 is strong and there are a few very interesting data points. First, the median size home that sold last year was 1,960sqft- an all time high and 5% larger than the business cycle average and 57sqft larger than the the next highest year, 2007.
Perhaps even more interesting than the above spike in house size is the spike in unit sales. 541 home sold in 2013 which is the most during the past business cycle (7 years). in 2005, 550 homes sold, and in 1999 668 San Rafael homes sold (including one for $1,000 at 28 Carroll).
Selling average $/SQFT data:
The Strength of San Rafael Real Estate market segments shows an exceptionally strong bottom 30% of the market with evenly decreasing strength as you move up the price spectrum. The way to read this below table: the bottom 10% of the market- average price is $476,425 and that segment is trading at 113% of the average of last 7 years or business cycle. The top 10% of San Rafael homes- the average price is $1,972,454 and that is trading at 104% of the average of the last 7 years. Notice the linear decrease in strength as you move up the price spectrum.
San Rafael lot values and structure values are showing relatively even strength- meaning San Rafael Ca home buyers will buy in San Rafael, as opposed to other Marin County towns, if they can find the right combination of lot/location and structure/layout/finish- aka the right house. This inst the case with other Marin County towns- such as Larkspur Homes where lot values are much stronger than structure values- meaning buyers care more about finding something in Larkspur and less about what kind of structure/layout they find.
The below graph shows San Rafael median lot values removing the value of the structure:
San Rafael CA Real Estate median Structure values- just the value of the structure, removing lot value in $/SQFT:
The DuPont Group hopes to take 2 high-end listings in San Rafael in 2014. Our Pyrrhic success in 2013 with 315 Summit has prepared us for the challenges associated with selling relative value in the high-end in San Rafael. If you have plans to buy or sell we ask that you please include us in your agent interviews or when recommending agents. Please let us convert our research and work in 2013 into a better price for you. Thank you and Happy New Year! Written by Dave DuPont 415-867-6611.