Marin Home Sales Update (Mill Valley & Novato)

Novato Overall, the market in Novato seems fairly typical of what we expect this time of year, especially in the bread and butter price ranges (e.g., up to $800,000). Nicely maintained and updated homes located in affordable neighborhoods with good schools (and which are priced correctly) are seeing multiple offers. But, even with multiple offers, many times the winning bid (which is not always the highest bid) is for asking price or just above. Buyers are still in the driver?s seat for most properties.

Homes priced above $800,000 in Novato, are not selling as briskly. In this price range buyers are being very picky and the percentage of homes in escrow is very low. Note that because a bunch of homes went into pending status recently, the $1 million to $1.25 million price range is looking very strong at the time of this analysis. Oddly, on the other hand, not a single home in the $1.5 million and up price range is in pending status. This is, of course, an anomaly. But, it does reflect the anemic sales figures experienced recently in Novato?s upper-end market dating back over a year now.

Mill Valley The Mill Valley market is somewhat fractured at present with no homes in escrow (as of the writing of this report) in the $900K to $1 million range. This is simply an anomaly, however, as many of these homes are likely to sell in the near future and as we all know, the real estate market is always fluid. It is also worth noting that there are no homes in Mill Valley under $700K and that the homes under $900K tend to be smaller, in poorer condition, in less desirable neighborhoods, and/or located on a steep hill, etc.

The bread and butter homes of Mill Valley are priced between $1 million and $1.25 million?these sell quickly if they are nicely maintained, updated, and/or located in desirable neighborhoods. Those that are priced correctly are again seeing multiple offers. Although many times the winning bid (which is not always the highest bid) is for asking price or just above (unlike the frenzied market of several years ago when overbids were in the stratosphere). Generally speaking, buyers are still in the driver?s seat for most properties.