Novato Real Estate Market Overview, as of August 27, 2008

Changes since July 23rd, 2008 for Novato Real Estate Market – Total inventory dropped by 10 while units for pending sales remains the same at 28%.  The total market at a glance stays at the lower end of being Neutral tilting towards the buyers market (defined as pending sales is less than 25%).

Condos/Townhomes, where we see the biggest drop in prices due to many short sales and foreclosures, edged past neutral market and stays periosly on the sellers market.

Slight drop of 5% in SFDs priced under $500K – some REOs (Real Estate Owned – Bank Owned Properties) or Short Sales are a little rough, requires sweat equity.  As higher quality homes experience price drops and become more affordable, the lowest priced home saw some impact. 

Big swing in the pending is the starter single family homes priced between $500K and $600K, with a drop of 12% on pending sales while the next price range up of $600K to $700K SFDs, has a gain of 10% compare to the July report.  Due to the softening market, nice homes priced over $700Ks dropped below $700K and becomes a great buy.     

Homes priced over $700K stays within +/- 5% variance from a month ago, other than $1.25M to $1.5M which saw a 9% increase – for units out of 23 units went into escrow.  A small change in a small sample makes relatively large statement expressed in percentage.   

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com if you for details, inventory on the market and what’s the best house / investment property for you! 

It will be a pleasure to serve you!  

Give me a call (415) 717-0293 or email me  at sylvia@SylviaSellsMarin.com for details, inventory on the market and what’s the best house / investment property for you!  It will be a pleasure to serve you!  

Sylvia Barry, Realtor, ePRO
Marin, Sonoma Realtor
www.SylviaSellsMarin.com

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since July 23, 08

All SFD’s and CID’s

 

434/121

 

72%

 

28% (N)

+0%

SFD’s

 

315/69

 

78%

 

22% (B)

-2%

CID’s

 

119/52

 

56%

 

44% (S)

+5%

$0 -$500K SFD

 

70/25

 

64%

 

36% (N)

-5%

$500,001-$600K

 

33/5

 

85%

 

15% (B)

-12%

$600,001 – $700K

 

39/17

 

56%

 

44% (S)

+10%

$700,001 – $800K

 

37/3

 

92%

 

18% (B)

-4.5%

$800,001 – $999,999

 

52/10

 

81%

 

19% (B)

+2%

$1M – $1.25M

 

29/4

 

86%

 

14% (B)

-3%

$1.25M – $1.5M

 

23/4

 

83%

 

17% (B)

+9%

$1.5M+

 

31/1

 

97%

 

3% (B)

-3%

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

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