Novato Real Estate Market Overview, April 01, 2009

Millworks Novato

 Millworks Novato (going strong with a lot of interest -check with Sylvia to see)

Novato Real Estate Market started to pick up after the gloomy winter – Yes! (by the way, is there such a thing as gloomy winter in Marin?  – we are so spoiled, when there are more than a drizzle and a little bit of wind, we complaint about the weather and then secretly congratulate ourselves for being in such a wonderful place – there is a premium there :-))

Thanks to the press, both prnt and online and yes, the Obama Stimulus plan, the buzz out there is this is a great time to BUY in Marin county.  Finally, we have affordable prices (o.k. affordable is a relative term), but more affordable houses here in Marin.

The condo/townhome cotinue to pick up pace, as well as the below $500K single family homes.  These are the ones that went thru the worst downturn and were the ones who led the short sale / foreclosure pact, but are now being recognized as the best purchases in town.  

Many former renters find it costs them less to own than to rent; in the mean time, they are able to enjoy the write offs from owning a home. 

That buzz drives the market right above it to go up.  ‘Starter’ homes up to $700,000 saw across board increases in % Pending.  Being able to sell the condos and entry level homes means they can also move upward.  

This allows the $500K – $700K homes to see the biggest surge in % pending. 

The $800K and up range still lag behind – many are waiting for lenders to come up with the policy for Super Jumbo (between $625K and $729K) pricing structore.  Other move up buyers have their homes on market, are relunctant to ‘buy contingenty upon sale’ are hoping to sell and move into upper end houses here in Novato.  

Overall inventory starts to climb, as we expect it to be in Spring.  Homes for sale went up 25 homes, from 305 to 330 in a month (March to April). With the slower release of foreclosures, the inventory is not growing as much as we thought it would.   

Make Sure You are not waiting for the ‘bottom’ of the market. Remember, that is always hindside, by the time you look back, the bottom has already came and went. 

Call Sylvia now to discuss the market and the trend, get familiar with the buying process, and start hunting.  It’s never too late to get ready.     

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 my pleasure to serve you!  

category   Total Units/ In Escrow   % Active   % Pending % +/- since 09/10/08
All SFD’s and CID’s   330/120   64%   36% (N) +1%
SFD’s   231/75   68%   32% (N) +2%
CID’s   99/45   55%   45% (S) +0%
$0 -$500K SFD   64/34   47%   53% (S) +2%
$500,001-$600K   35/15   57%   43% (N) +15%
$600,001 – $700K   27/10   63%   37% (N) +9%
$700,001 – $800K   28/7   75%   25% (N) -2%
$800,001 – $999,999   35/2   94%   6% (B) +2%
$1M – $1.25M   18/2   89%   11% (B) -2%
$1.25M – $1.5M   14/3   79%   21% (B) +3%
$1.5M+   10/2   80%   20% (B) -13%
  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%

 

 

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