Fairfax CA Real Estate
Fairfax Real Estate Market Reports
Fairfax continues to be one of the most desirable neighborhoods in Marin County. 2009 was another active year for Fairfax real estate, with 65 single family homes sold, a 12.3% increase vs. 2008.
Watch a video version of the Fairfax Market Report for a detailed discussion, or click on the links below to view the report for each of the Fairfax neighborhoods outlined in the map to the right. Also refer to the section below, Fairfax Real Estate Market Conditions.
Bothin CanyonManor HillMarinda Oaks, Ridgeway Park, Fairfax HeightsCentralCascade CanyonDeer Park |
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Fairfax Real Estate Market Conditions
In 2009 in Fairfax, we had 65 Single family homes sell and 2 townhomes. For the SFH market, 65 homes represents a 14% increase from the number of homes sold in 2008. This was in spite of a very slow start to 2009…in fact in January 2009 only one home sell in Fairfax.
In 2009 the average price of a single family home in Fairfax was $677,484, which was down 12.1% from $771k in 2008, and down 22.1% from the peak of the market in 2005
A better number, however, is the median price. In 2009 in Fairfax, the median priced home was $660,000, which was down 7.7% from 2008, and was down 17% from the peak of the market in 2005.
The loan market at the beginning of 2009 and the jumbo-conforming limit moving down from $729k to $629k was a huge factor in Fairfax, and it was almost impossible to sell a home over $650k during the first four months of 2009. After the jumbo conforming limit was raised back to $729k as part of the stimulus plan, sales up to $750k picked up, but things were still difficult above that price for the remainder of the year. $800—900k homes were tough, and over $1M very difficult. In fact, only 4 homes over $1M sold in 2009, compared with 12 homes above $1M back in the go-go days of 2005.
First-time buyers were the buying public last year in Fairfax. As such, the median and average price of homes were affected, simply because there were no ‘move-up’ buyers to counter the lower priced homes. It’s also creating a baby boom in Fairfax. In Novato they are sadly talking about closing some schools due to budget constraints. In Fairfax, the big town discussion right now is about where we are going to build a new school. Fairfax is super-popular for young families, kids everywhere, it’s a great vibe! Come check out the Fairfax Festival parade, it’s 2/3 kids!
Another segmentation of the market was the difference of selling homes in the flat areas of town vs homes in the hills. Net-net, homes in the flats sold briskly, and homes in the hills were much more difficult to sell. This was largely due to the market being constrained to first-time buyers and their needs for family and kid-friendly properties. Homes in the flat areas of downtown Fairfax, Deer Park, the Cascades, Bothin Canyon and Oak Manor had buyers ready to go. Hillside homes were chasing a much smaller population of buyers, and unfortunately required more aggressive pricing. Neighborhoods like Manor Hill, and the hills of Cascade Canyon and Deer Park fit this description
Distressed properties played a role in the Fairfax market last year, but to a lesser extent than elsewhere in the North Bay and certainly elsewhere in California. Of the 65 single family home sales, 10 or about 15% were in some state of distress…7short sales and 3 foreclosed, bank-owned properties traded. Of these ten homes, only four of them could be described as purchased at the ‘top of the market’, others had refinanced and taken money out. People in Fairfax have mostly kept up with their house payments
I think when we look back, history will likely show that the late spring of 2009 will be the low water mark for Fairfax home values. The under $650k market is very strong right now, and my expectation is that we will see some stability in the prices of homes up to about $850-900k later on this year. Above that, the Fairfax market will continue be difficult, perhaps into 2011 for the higher-end homes in our community.
If you read the Marin Independent Journal, you might have seen the article on 02/07/2010 about how Marin home values have fared in the past decade. The good news, county-wide, homes increased in value by 25.2% in that 10-year period. Leading the pack? Fairfax!!!! With an average appreciation of 47.6% in that decade, Fairfax was the # 1 town in Marin for overall return on your investment (from the meeting, I shared the San Anselmo number which was 28.4% increase). Contrast that with the stock market: Over the same period, the Dow Jones Industrial Average was down appx 8.7%. So take heart, Fairfax! We are the newly minted “best investment” in Marin Real Estate.
About
Fairfax is a friendly town, large enough to provide shopping convenience in town, but small enough to foster a true sense of community, where neighbors know each other and meet in the pleasant downtown areas. San Geronimo Valley offers forested hills and open spaces.
Demographics
Moderately sized town
Population (as of 2000 Census): 7,319
Median age approximately: 39
Median household income: slightly under $77,000
Percentage of Single Households: 46.1%
Percentage of Married Households: 53.9%
Percentage of Families (with children): 65.5%
Sources: Population Division, U.S. Census Bureau
Schools
The Ross Valley School District is an elementary/middle school district serving the central Marin communities of San Anselmo and Fairfax. Most Ross Valley graduates attend Sir Francis Drake High School in the Tamalpais Union High School District. The district includes four schools: Brookside Elementary School, Manor Elementary School, Wade Thomas School (K-5) and White Hill School (6-8.) The Lagunitas School District is a K-8 district on two adjoining campuses: Lagunitas Elementary School and San Geronimo Valley Elementary School. Both sites are located in the center of the San Geronimo Valley which includes the towns of Forest Knolls, Lagunitas, San Geronimo and Woodacre. Lagunitas School District students reside in the Tamalpais High School District.
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Parks & Recreation
This community is ideal for outdoor lovers. There is one main park and nearby hiking and biking trails around Bon Tempe, Lagunitas and Alpine lakes.