Novato Real Estate Market Overview, June 25, 2008

                               Novato Landmark - Old City Hall                                   

Novato Real Estate Market Trend, June 25, 2008

As can see from the list below, the entry level Novato homes are enjoying a high percentage of pending sale than two weeks.  With the starting home price drops in Novato, and the avaiability of Short Sales and Bank Owned (REO) properties on the market, the first time homeowners and investors are out looking and actually buying. 

Several nicely priced mid range and higher end homes ($800K and up) are quickly claimed by ready buyers at the beginning of the summer housing season; a great time to shop and move. 

One reason of seeing increasing inventory, higher DOM (Days on Market) and higher pending rate is houses take longer to get out of pending status due to the much longer time required for lender to approve or disapprove the purchase. 

With proper guidance and patience, a savvy homebuyer will be able to get a fabulous buy. Make sure you do your research and your financing arrangement is ready when a great deal shows up.  With proper guidance from your Realtor and patience, a savvy homebuyer will be able to get a fabulous buy now!    

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since 5/28

All SFD’s and CID’s

 

457/117

 

74%

 

26%

+2%

SFD’s

 

333/74

 

78%

 

22%

+1%

CID’s

 

124/43

 

65%

 

35%

+3.5%

$0 -$500K SFD

 

50/26

 

48%

 

52%

+4%

$500,001-$600K

 

41/9

 

78%

 

22%

-2%

$600,001 – $700K

 

52/9

 

83%

 

17%

-4%

$700,001 – $800K

 

42/6

 

86%

 

14%

-9.5%

$800,001 – $999,999

 

52/10

 

81%

 

19%

+8%

$1M – $1.25M

 

38/8

 

79%

 

21%

+8%

$1.25M – $1.5M

 

24/3

 

87.5%

 

12.5%

+8.5%

$1.5M+

 

34/3

 

88%

 

12%

-4%

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