I have to admit that I was slow in updating the market statistics, and for that matter, blogging as a whole. Last time I updated the statistics was end of May. This summer has been hectic serving sellers and buyers; not to mention my young son's graduation from high school and starting college at Cal. An exciting adventure and bright future in front of him :-)
Back to business - Novato real estate market stayed soft during the summer, with July being one of the slowest months in recent history even with record low interest rates from Conforming, Super Conforming through Jumbo loans.
Some speculations are that there was a surge of purchases right before April 30th to take advantage of the Federal Tax Credit so there is less buyers now; buyers are waiting for new Federal Tax Credit to be announced (which will not happen from recently developed news); uncertainty about the real estate market and economy; many that you have read in the paper or heard in the news.
The numbers showed that the lower price ranged homes (under $500K) is the only one that's a Sellers Market. First time homebuyers or investors are out shopping, hoping to find bargains where they may finally able to buy, flip or rent with positive cash flow. Buyers are caucious when it comes to over $500K and then purchases really tapered off when the prices go over $800K; the higher end homes in Novato. A few luxury homes had drastic price cut (two Olive Court went to $799K for quick sale for cash with the remainings at market rate) and a few luxury homes in Pointe Marin, stonetree, were also priced agressive due to homes under water.
There are now a nice selection of luxury homes on market and I am seeing buyers from all over the Bay Area, hoping to move to Marin, looking for homes in Novato. I have received inquiries about my listngs from various Southern Marin, S.F. and other Bay Area locations with a couple from out of town; very encouraging news for my sellers.
Buyers - Don't sit on the fence - time to serious looking into buying before the interest rate goes up!
Sellers - The market is very competitive. Adhere to your Realtor's advise to get the best value for your home!
Give me a call and I can sit down with you to figure out the stragegy for your home - whether buying or selling (whether regular sale or when your house is under water).
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Novato Market Overview
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Week of August 31, 2010
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# of Total Units
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% of Total
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Market
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# Total Units
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# In Escrow
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% Active
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% In Escrow
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Type
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SFDs
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262
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94
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64%
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36%
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N
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CIDs
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90
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30
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67%
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33%
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N
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All SFDs and CIDs
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352
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124
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65%
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35%
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N
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SFD by Price Range
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$0-$500K
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62
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40
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35%
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65%
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S
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$500,001-$600K
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32
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12
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63%
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38%
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N
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$600,001-$700K
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43
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14
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67%
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33%
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N
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$700,001-$800K
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33
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11
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67%
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33%
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N
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$800,001-$999,999
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38
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7
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82%
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18%
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B
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$1M - $1.25M
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26
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5
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81%
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19%
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B
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$1.25M - $1.5M
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12
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2
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85%
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15%
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B
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$1.5M+
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15
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3
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80%
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20%
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B
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TOTAL SFDs
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262
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94
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64%
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36%
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N
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% in Contract
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Type of Market
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Less than 25%
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Buyers Market
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25% to 40%
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Neutral Market
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Greater than 40%
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Sellers Market
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;)
;)
;)
Good advice for buyers and sellers. Congratulations and good luck to your son.