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Update on the State of Novato Real Estate Market

A Quick Update on the Novato Real Estate Market during the 10-Day Period just before Labor Day Weekend.

On this Labor Day weekend, I thought I will provide a quick update on the Novato Real Estate Market since my on Aug. 21 to the end of August.

Below are statistics of Single Family Residences (SFR) and Commen Interest Developments (CID/Condos) that are either new on market (Active), under cotract (Contingent), Pending (All cotingencies removed) and Sold during the 10 day period.

I also included breakdown of single family residences that are new on market or sold during the 10-day period by price range. 

A quick glance at the statistics on 08/31/2012 supports a strong sellers' market.

Fun facts - The lowest price SOLD single family home during the period is a small Black Point home with a private hill top setting, closed at $270K.   On the other spectrum, a beautifully top to bottom, completely redone single story home, 4 bedrooms, 2 and half baths, 2358sf home sited on close to 1/5 acre lot on Mill Road, priced at $699K, quickly went into escrow with multiple offers and closed in 20 days at $800K; an all cash purchase.  A Bel Marin Keys on the water house closed at $865K and a single story Country Club home on the Golf Course closed at $915K, both homes are nicely updated; while a Stonetree Home, 4700+sf, one of the hard hit areas by the depressed market, closed at $1Million, was the highest priced sale of the period.

Have a Wonderful and Safe Labor Day Weekend!

   Novato Real Estate Market Activites  
           08/21/12 to 08/31/12  
    SFR CIDs Actie 16 6 Contingent 21 6 Pending 9 3 Sold 21 7

 

Single Family Home Activites  Price Range NEW  
SOLD 
$0-$500K 3 9 $500,000 - $600K 3 4 $600,001 - $700K 3 2 $700,001 - $800K 6 3 $800,001 - $999,999 1 2 $1M - $1.25M 
1 $1,25M - $1.5M 
  $1.5M+     Total 16 21

 

         Novato Real Etate Market Statistics

Week of August 31, 2012          
Type            # of Total Units      % of Total   # Total Units IN Escrow Active  
In Escrow S/B SFRs 170 101 41% 59%   S CIDs 67 49 27% 73%   S All SFR/CIDs 237 150 37% 63%   S  


 
SFD by Price Range        
$0-$500K 42 34 19% 81%   S $500,000 - $600K 28 18 36% 64%   S $600,001 - $700K 28 16 43% 57%   S $700,001 - $800K 28 13 54% 46%   S $800,001 - $999,999 22 15 32% 68%   S $1M - $1.25M  10 2 80% 20%   B $1,25M - $1.5M  5 3 40% 60%   S $1.5M+ 11 2 82% 18%   B Total 174 103 41% 59%   S






% in Contract Type of Market


Less than 25% Buyers' Market  


25% to 40% Neutral Market  


Greater than 40%  
Seller's Market  

Footnote:

(*) Data collected from the local Multiple Listing Services (BAREIS – Bay Area Real Estate Information Service).

(**) Patch table expands entire width of the article.  Do accept apology from this Realtor.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Roger September 03, 2012 at 12:45 AM
So, market improving?
Sylvia Barry September 03, 2012 at 03:55 AM
Hi Roger: Yes, the market has been improving since last November, slowly, but so far, surely. Inventory is low right now (1/3 less on the average than last year), but I would still be very careful when buying or selling. There are a lot of undercurrents; such as shadow inventory, institutional buyers, potential short sale, loan modifications which may or may not be permanent, ..., etc. Buy or sell for the right reason is very important. But for the past ten months, the trend is the market is slowly improving. Thanks for reading. Sylvia
Sylvia Barry September 05, 2012 at 01:55 AM
Here is an update from CAR (California Association of Realtors) "Home prices nationwide posted their largest year-over-year gain since August 2006, according to data provided by CoreLogic in a Los Angeles Times article. While the housing industry is recovering and consumer confidence is up, the job market and overall economy still remain a concern. http://www.latimes.com/business/money/la-fi-mo-home-prices-20120904,0,1983417.story?src=FB&mkt=home=prices/"

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