Can’t believe summer slips by so quickly! I last posted Novato Statistics on April 1, 2009 and now is the later part of August. Students are back in school and we are heading into fall.
During the past four months, with housing prices dropped 20%-30% and certain condos at 50% drop (the ones with problementic HOAs), stimulus plan, attraction of the ‘up to $8,000 credit back’, interest rate staying low, regular sellers holding onto their properties unless they have to sell; the supply remains low and demand has heightened. All these contribute a shift in the percentage of houses under contract, moving most price ranges into the ‘sellers’ market, meaning % of houses under contract is great than 40%.
The only decrease in percent of pendings are the 700-800K range (inbetween starter homes and luxury homes) and the super luxury range (over $1.5M) in Novato.
Novato, and for that matter, Marin county real estate are seeing an encouraging trend of more buyers are out looking for homes, and they are Serious and Anxious buyers. Most are the traditional buyers with solid downpayments, steady jobs; some are seasoned investors, all cash buyers, some are first time investors, and many first time buyers are also taking advantage of the soft market, low housing prices; and not surprisingly, all are looking for that great bargains and many are getting them.
% pending are also skewed by the many short sale homes that have been in contract for a long time while waiting for lenders approval, but what great bargains the buyers can get with time in hand and plenty of patience. I often encourage my clients to look for short sales if they can wait, beats jumping back into that multiple offers situation with REO, bank owned homes. All my buyers clients are getting the best deals now because both of us have the patience to strategize, look, wait and bargain for the best property to purchase.
Contact me at (415) 717-0293 or at sylvia@SylviaSellsMarin.com to discuss the market and the current trend, get familiar with the buying process, and start hunting for inventories on the market, whether REO, Trust Sale, start home, luxury homes. Take time to see many homes so you know the right house when you see it! It’s never too late to get ready. I will be very happy to find the best house / investment property for you!
It will be my pleasure to serve you! Good Hunting!
|category||Total Units/ In Escrow||% Active||% Pending||% +/- since 04/01/09|
|All SFD’s and CID’s||350/164||53%||47% (S)||+11%|
|$0 -$500K SFD||47/36||23%||77% (S)||+24%|
|$600,001 – $700K||40/20||50%||50% (S)||+13%|
|$700,001 – $800K||33/6||82%||18% (B)||-7%|
|$800,001 – $999,999||39/10||74%||26% (N)||+20%|
|$1M – $1.25M||23/7||70%||30% (N)||+19%|
|$1.25M – $1.5M||14/5||64%||36% (N)||+15%|
- Buyer’s Market < 25%
- Neutral 25% – 40%
- Seller’s Market > 40%
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. Chinese Realtor.