Novato Real Estate Market Overview, September 24, 2008

Novato Real Estate Market statistics continues to inch upwards in overall sales percentage compare to two weeks ago on September 10,

The overall inventory dropped 10%, from 410 to 370, results of more pending sales and sellers taking properties off the market unless they ‘have’ to sell.  Less inventory will have a positive effect on housing prices as there are less supply. 

The highest increases in pending sales are the starter / investment homes – condo/townhomes and single family residences under $500K – mostly fixers, REOs (bank owned), short sales, all bargains from one or two years ago. 

Both categories, with more than 50% sales, are now a ‘seller’s’ market – or shall we say a ‘bank/REO sellers’s market.  Some enjoy multiple offers, although not as much frenzy as when Marin was at the top of the market.

First time buyers, investors, people who relocated out of areas and want to move back, and the ones who could not afford before but would love to be in Marin are all taking this great opportunity of lower (and relatively affordable) home prices and lower interest rates to test the waters here in Marin.  

Higher end homes are staying stale – difficulty in getting financing, uncertainly about the market, excessive inventory from sellers who do not have to sell (‘not motivated’) can hold the sales down.

My office, Frank Howard Allen Realtors in Novato, is buzzing with sales activities we have not seen in a long times, walk-ins, calls, showings, offers, inspections; a lot of activities which is putting great, positive energy into the office; and hopefully bringing the energy to all our clients!

Best, and stay tuned!

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com for inventories on the market, whether REO, Trust Sale, start home, luxury homes.. I will be very happy to find the best house / investment property for you! 

It will be a pleasure to serve you!  

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since 09/10/08

All SFD’s and CID’s

 

370/123

 

67%

 

33% (N)

+2%

SFD’s

 

269/65

 

76%

 

24% (B)

-2%

CID’s

 

101/58

 

43%

 

57% (S)

+12%

$0 -$500K SFD

 

59/30

 

49%

 

51% (S)

+9%

$500,001-$600K

 

31/6

 

81%

 

19% (B)

-9%

$600,001 – $700K

 

36/11

 

70%

 

30% (N)

-6%

$700,001 – $800K

 

32/6

 

81%

 

19% (B)

-10%

$800,001 – $999,999

 

36/6

 

84%

 

16% (B)

-8%

$1M – $1.25M

 

27/2

 

93%

 

7% (B)

-7%

$1.25M – $1.5M

 

18/1

 

95%

 

5% (B)

-12%

$1.5M+

 

30/3

 

90%

 

10% (B)

+7%

  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%
Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate 
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
 
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. 

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