I happened to run some numbers for home sales in Novato the other day, comparing October, 2007 to October, 2008. I was astonished at a number I found.
In 2007, Novato's average price for a single-family home was $790,550. This year, that number fell to $739,359, representing a 6.5% decline. Average days on market stayed exactly the same year-over-year at 113.
But the number of homes sold really surprised me. In October, 2007, 20 single-family homes changed hands. This year, it was 36, or an 80% increase over last year!
Of course, the lower end of the market is leading the way and more expensive homes remain a tough sell. But clearly investors believe we're at a great time to buy and have stepped up to the plate. While I knew sales were up, I had no idea that number was as high as it was.
This alone should counter the gloom and doom headlines and offer some hope that eventually we will reuturn to a healthier market.
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