A seven-week negative trend in the number of homes sold was extended this week after the Novato market had 35 transactions over the last 30 days. With six price reductions, the lowest amount since last January, the market may be shedding discounts. During the same time frame, Richmond had the most of any other neighboring municipalities with 18 price reductions. As the number of sellers reducing price hit a new low, months of inventory still continued to fall, trending downwards for four weeks to reach one month. Along with the decrease in price reductions, the low inventory indicates that Novato is a definite seller's market.
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