Novato Real Estate Market Overview as of May 28, 2008

Interesting Novato Real Estate Market Trend, May 28, 2008

As there are more Short Sales and Bank Owned (REO) properties on the market, the trend is driving prices for short sales and REO properties downwards; attracting bargain hunters while higher end properties move slower and more cautiously.   

Coupled with the new programs since the announcement of the new Jumbo Loan limits, the consumers are out shopping again and will not wait when the right property comes along.  Instead of two loan threasholds, conforming (up to $417,000) and Jumbo (over $417,000); there are now three brackets – Conforming (up to $417,000), Super Conforming (between $417,000 and $729,250) and Jumbo ($729,250 and up).  The consumers are certainly taking advantage of that! 

For the lower end properties, some borrowers are checking into certain low income financing plan as well as the revived FHA loans (Check out FHA loans in another post). 

Many first time home buyers and people relocating from out of state or other california housing markets are quite excited about the prospect of finally being able to own a home in Marin county.  

Keep a close eye on the market. Make sure you get all your ducks in a row and jump in when a great deal comes along! you informed!   

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since 4/30

All SFD’s and CID’s

 

459/112

 

76%

 

24%

+3%

SFD’s

 

326/70

 

79%

 

21%

+3%

CID’s

 

133/42

 

68.5&

 

31.5%

+4.5%

$0 -$500K SFD

 

48/23

 

52%

 

48%

+24%

$500,001-$600K

 

41/10

 

76%

 

24%

-3%

$600,001 – $700K

 

43/9

 

79%

 

21%

-3%

$700,001 – $800K

 

51/12

 

76.5%

 

23.5%

+3.5%

$800,001 – $999,999

 

56/6

 

89%

 

11%

+6%

$1M – $1.25M

 

39/5

 

87%

 

13%

-7%

$1.25M – $1.5M

 

13/1

 

96%

 

4%

-12%

$1.5M+

 

25/4

 

84%

 

16%

+12%

  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s