Listing agents are starting to set offer dates again for attractively-priced homes, especially REO's (bank-owned real estate). Many of these are attracting multiple offers which often go over asking price but not necessarily by a large margin. One listing agent in Novato recently had multiple offers on a property, had the deal fall through twice. The property had multiple offers each of three times it was on the market. It closed escrow on the third try, over asking price. Especially in Novato, cash is king. Investors offering all cash deals or large cash down payments, quick closes, sometimes as short as 7 days. Buyers well-advised to write good solid offers but not to feel pressed into situations they are not comfortable with.

 
(People that live in glass houses.....)

City-by-City report out this week shows 11 of 13 covered cities and towns increased percentage in contract.  Greenbrae and Novato bucking the trend with decreases but probably not tremendously significant. Greenbrae most likely the result of small sample size and Novato decreasing 4 percentage points but still leading the County with 50% of all listings in contract as of November 1.

 

Marin County SFR and Condo reports showing all price points with an increase in percentage in contract as of November 3. Condo's under $1million, led by the Novato REO market, particularly strong at 46% in contract.  SFR's under $1million at 42% in contract. See City-by-City Report for variation by city/town.

 

Current average Days on Market (DOM) for SFR's is 106 vs. 86 at this time last year.

For Condo's it is 116 DOM vs. 104  in Oct. '08.  SFR YTD units sold at 1312 on Nov 3 vs 1393 same time last year, or -5.8%---- compares favorably with -10% at last report.

Condo YTD units sold at 407 vs 426 in Nov., 2008 or -4.5%-- a slight improvement over last report's -4.8%. Average sold prices still down with SFR's at $996,458 vs. $1,298,170 last year and Condo's at $372,301 vs. '08's $495,281. Remember, this is partially  a function of market-mix (meaning that lower-end homes were a higher percentage of sold homes) and not all price decline.

 
(How to build up in today's market  -  Create from the bottom.....)
Market conditions look hopeful. May be anticipating economic recovery. Home Buyer Tax Credit extension approved by Congress goes to President Obama for signature.  

 
Beautiful Tiburon Rebuild/Remodeled Home in one of the "Hidden" neighborhoods
along the Tiburon Bike Path