Novato Home Sales Update (Market Report 4/1/07)

Overall, the market in Novato is gathering momentum. There are currently 155 active listings (single family homes) for sale (up from 126 last month). About 1/3 of those are priced under $750,000?making Novato a desirable option for buyers priced out of Central and Southern Marin. Indeed, 20 of the 40 homes that sold in Novato during the past month were priced at or below $750,000. By comparison, Mill Valley, at the time of this writing, has just one listing under $750,000.

Nicely maintained and updated homes, located in nice neighborhoods with good schools (and, of course, priced well) are seeing multiple offers and selling quickly. Multiple offers today, however, does not translate into overbidding as it did a couple of years ago. Buyers are still in the driver?s seat for most properties in Novato. In fact, even in the $600,000 price range, there are homes lingering on the market (there are currently 13 active homes (not condos) at or below $625,000).

Homes priced above $800,000 in Novato are slow (just 8 of 42 homes between $800,000 and $1 million are is escrow). Buyers in this price range are cautious?the percentage of homes in escrow is in line with expectations and just up from last month.

Novato?s upper-end market is characterized by newer homes and those with a country feel on large lots. Rush Creek (off of Atherton Avenue) leads the way in recent sales of homes in Novato priced over $1.25 million. Interestingly, inventory in this price range has more than doubled since last month.