Novato Real Estate Market (September 2007 Home Sales Report)

kylefrazier1,030 CommentsMarin Market Updates

In Novato, more than any place else in Marin, homes MUST BE PRICED FOR TODAY’S MARKET. They must be nicely maintained, updated, and/or located in a desirable neighborhood if they are to going to sell. By all accounts, showings are on the rise. But, it seems there are lots of folks waiting to see what happens with prices and interest rates. With the percentage of homes in escrow nearing all-time lows, this is possibly one of the best markets buyers in Novato are going to see for a long time.

Homes in Novato that sold in August 2007 (there were 29 home sales–down by 13 from July 2007) averaged about 85 days on market, for an average sales price of $885,000 (roughly $420 per sq./ft.). Homes in Hamilton Field, Pointe Marin, Presidents, Rush Creek, San Marin, Partridge Knoll, and Atherton Ranch continue to be in high demand, as do the new luxury homes at Stonetree.

Price Range

Total Homes

Pending Listings

Up to $700K

70 (up 7)

17%

$700K – $800K

50 (up 10)

8%

$800K – 1 mil.

48 (down 14)

6%

$1 mil. – $1.5 mil.

66 (up 10)

5%

$1.5 mil. & Up

27 (down 1)

11%

For a brief explanation of the importance of the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is my pleasure to be of service.