Novato CA Real Estate Market Update (June 2009 Home Sales Report)
This month, Novato’s absorption rate fell to an unbelievable 3.04 months. That is low. Absorption rates, along with days on market averages, provide a telling insight into the overall state of the market. As I have noted before, value properties can be found in virtually ALL price ranges in Novato. Pricing in most neighborhoods is back to what it was in 2002-2003. Note that available inventory in the entry level price ranges is way down and the percentages of homes in escrow is rising fast. For example, 72% of homes in Novato priced under $500K are in escrow (up from 63% in May 2009); 48% of homes between $500K and $600K; 52% of homes priced between $600K and $750K; 22% of homes between $750K and $1 million; and 22% of homes priced between $1 million and $1.5 million. These are some strong numbers! If you would like to see just how strong, compare any price range in Novato against homes in other Marin County, CA towns and cities.