Novato, Marin County, Real Estate Market Update (November 2007 Home Sales Report)

Novato, Marin County California’s largest city, sits at the northern tip of Marin County. It provides families and/or anyone who lacks the very substantial financial resources required to buy real estate in Southern or Central Marin, a delightful environment to live and raise their families. Novato’s abundant inventory of relatively affordable homes (including newer construction under $800,000) is giving home buyers who are looking to buy right now a very good selection of homes with value.

As for sellers, moreso than in any other town in Marin County, homes MUST BE PRICED FOR TODAY’S MARKET. They must also be nicely maintained, updated, and/or located in a desirable neighborhood if they are to going to sell. Listing agents often say that location, price, condition, and marketing are the four most important pieces of the puzzle (not necessarily in that order) when it comes to selling homes. It is also said that the price can overcome all other issues a home may have. And it is true. Indeed, you can sell a leaky shack next to a nuclear power plant if the price is right. The point is this–sellers in Novato must price their homes correctly if they want their home to actually sell.

In any event, as buyers who have held off on making offers all Summer and Fall can attest, there are some amazing values right now. As a result, showings are on the rise in Novato. There are lots sales with big down payments and short escrows. Yet, it seems some buyers are still waiting to see what happens with prices (although they may learn a hard lesson in mortgage math as interest rates will likely rise in the coming months). Indeed, with the percentage of homes in escrow nearing all-time lows in Novato, this is possibly one of the best markets buyers are going to see for a long time.

Homes in Novato that sold in October 2007 (there were 21 home sales–up by 33% from September 2007) averaged about 106 days on market, for an average sales price of $782,000 (roughly $371 per sq./ft.). Homes in Hamilton Field (particularly Southgate, Inspiration, and Traditions), Pointe Marin (especially those is Breakers), Presidents, Rush Creek, Indian Valley, San Marin, and Partridge Knoll continue to get robust numbers of showings, as do the new luxury homes at Stonetree.