San Rafael, CA Housing Market: November 2024 Analysis
The San Rafael, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has experienced a significant decline, while other indicators show more stability or growth.
The Median Sales Price in San Rafael stands at $1,385,000, marking a notable decrease of 11.8% year-over-year. This decline suggests a cooling in the market, potentially offering opportunities for buyers seeking more affordable options. In contrast, the Median List Price has remained relatively stable, with a slight increase of 0.3% year-over-year, now at $1,299,000. This stability in list prices indicates that sellers are maintaining their pricing expectations despite the drop in sales prices.
Price Per Square Foot metrics reveal a modest upward trend. The median Price Per Square Foot is $768.82, reflecting a 0.6% increase from the previous year. Meanwhile, the Median List Price per square foot has risen more significantly by 11.2%, reaching $803.34. This divergence between sales and list Price Per Square Foot suggests that while sellers are optimistic about property values, actual sales are not fully aligning with these expectations.
Sales activity in the region shows positive momentum. The number of Homes Sold has increased by 8.2% year-over-year, totaling 184 homes. Similarly, Pending Sales have risen by 8.3%, indicating continued buyer interest and activity in the market. However, New Listings have decreased by 10.2%, with only 115 new properties entering the market, which could contribute to tighter inventory levels in the future.
Inventory levels have increased by 5.2% year-over-year, with 405 homes available. Despite this increase, the Months of Supply have decreased by 10.0%, now at 2.20 months, suggesting that the market remains competitive and homes are selling relatively quickly. The Median Days on Market have increased by 7.0%, now averaging 37 days, indicating a slight slowdown in the speed of transactions.
The average sale to list ratio remains strong at 100.0%, though it has decreased slightly by 0.1% year-over-year. The percentage of Homes Sold above list price has dropped by 9.5%, now at 29.9%, reflecting a shift towards more balanced negotiations between buyers and sellers. Price Drops have increased by 4.0%, affecting 28.6% of listings, which may indicate sellers adjusting their expectations to align with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 3.7%, now at 24.6%. This suggests that while the market remains active, buyers are taking slightly longer to make purchasing decisions.
Overall, the San Rafael housing market in November 2024 exhibits a mix of declining sales prices and stable or increasing list prices, with strong sales activity and a competitive environment. Buyers and sellers alike should be aware of these dynamics as they navigate the market.
