Novato Real Estate Market Overview. March 4, 2009

Stafford Lake County Park, Novato, CA

Stafford Lake, Novato, CA

The last time I did a blog post on Novato Real Estate Market Statistics was back in November, 2008 – almost seems like an eternity; so much has happened in the past four months.  I have to say, the fun and challenge is all in there.   

Novato Real Estate Market statistics stays pretty flat with a few big gain in percent pending – under $500K starter single family homes had a gain of 10% to a strong sellers market at 51% pending; the midrange, properties between $700K and $800k enjoyed an 8% increase in pending.  The total now reach 27%, moving towards the right direction. 

The Biggest gais are the over $1,25M market – I guess people with money can take advantage of the softening market and buy luxury homes when the prices are low; a couple I know bought with cash! One thing to keep in mind is that due to the very small volume of the homes avaialbe, a house or two sale makes a huge difference percentage wise. 

The ratio is held steady by dwindling inventory – overall inventory dropped by another 20%, from 370 to 305. This can be attributed to several reasons –

* The normal beginning of the year brings slower new inventories

*  The bail out plan gives many home owners hope and they decided to refinance or negotiate for a ‘loan modification’  Whether they will get their loans modified is irrelevant for this moment.  The reality is it brings down the available homes market. 

* Sellers are holidng onto their properties for the right moment – either the prices go up or when they HAVE to sell.  This also limits the inventory.

This is a great time to buy, with bargains abound, whether it’s in Novato, San Rafael or Southern Marin.  Bank owned homes or sellers with plenty of equity are pricing homes low to attract multiple offers. 

Make Sure You do not spend TOO MUCH time waiting for the right price and when you finally buy, you already missed the bottom of the market.

Just Remember, The Bottom of the Hill is all hindsight – You don’t know it’s here and when you discover it’s the bottom, you have already missed it!

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

 

305/107

 

65%

 

35% (N)

+6%

SFD’s

 

207/63

 

70%

 

30% (N)

+7%

CID’s

 

98/44

 

55%

 

45% (S)

-2%

$0 -$500K SFD

 

61/31

 

49%

 

51% (S)

+10%

$500,001-$600K

 

32/9

 

72%

 

28% (N)

-2%

$600,001 – $700K

 

29/8

 

72%

 

28% (N)

-2%

$700,001 – $800K

 

26/7

 

73%

 

27% (N)

+8%

$800,001 – $999,999

 

24/1

 

96%

 

4% (B)

-6%

$1M – $1.25M

 

15/2

 

87%

 

13% (B)

-4%

$1.25M – $1.5M

 

11/2

 

82%

 

18% (B)

+18%

$1.5M+

 

9/3

 

67%

 

33% (N)

+24%

  • 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
Frank Howard Allen Realtors
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

SERVING MARIN, SONOMA, S.F. BAY AREA – FOR ALL YOUR REAL ESTATE NEEDS Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.