San Rafael, CA Housing Market: September 2024 Analysis
The San Rafael, CA metro area housing market in September 2024 presents a dynamic landscape characterized by notable increases in both sales prices and inventory levels. The Median Sales Price has reached $1,512,500, marking an 8.1% increase year-over-year. This upward trend in sales prices is complemented by a significant rise in the Median List Price, which stands at $1,695,000, reflecting a substantial 21.2% increase from the previous year.
Price Per Square Foot metrics also show growth, albeit at a more moderate pace. The median Price Per Square Foot is $802.86, up by 1.9% year-over-year, while the Median List Price per square foot has increased by 3.7% to $836.87. These figures suggest a steady appreciation in property values, although the rate of increase in list prices outpaces that of sales prices, indicating potential adjustments in seller expectations.
In terms of sales activity, the number of Homes Sold has risen to 176, a 2.9% increase compared to last year. Pending Sales have surged by 19.0%, reaching 250, which may signal continued robust demand in the coming months. New Listings have also seen a significant uptick, with 363 new properties entering the market, representing an 18.2% increase year-over-year. This influx of New Listings contributes to the overall inventory, which has grown by 19.6% to 573 homes.
The Months of Supply, a critical indicator of market balance, has increased dramatically by 50.0% to 3.3 months. This suggests a shift towards a more balanced market, although it remains slightly tilted in favor of sellers. The Median Days on Market remain unchanged at 24 days, indicating that homes are still selling relatively quickly.
Despite these positive indicators, some metrics suggest a cooling in market competitiveness. The average sale to list ratio has slightly decreased by 0.2% to 101.4%, and the percentage of Homes Sold above list price has dropped by 4.2% to 44.3%. Additionally, the proportion of Price Drops has increased to 26.5%, down by 3.1% year-over-year, and the percentage of homes going off the market within two weeks has decreased by 3.1% to 43.6%.
Overall, the San Rafael housing market in September 2024 exhibits a mix of strong price growth and increased inventory, alongside signs of easing competition. Buyers may find more opportunities with the rising inventory, while sellers continue to benefit from appreciating property values, albeit with a need for more strategic pricing to attract buyers in a slightly less competitive environment.
