Novato Real Estate Market Update (January 2009 Home Sales Report)
With just 150 active listings (there were 172 homes for sale last month), Novato, California is experiencing far lower inventory levels than we have become accustomed to over the past several years. This low inventory is giving rise to some unexpected numerical results. For example, because Novato sales figures are up from last month (we had 35 sales in December 2008). The resulting absorption rate for Novato single family homes is just over 4.25–this figure represents the number of months of inventory currently available in Novato. Anything under 4 months has traditionally been considered a SELLER’S MARKET. Now, I am not saying that Novato’s real estate environment is one that favors sellers, I am just pointing out an anomaly in the numbers.