Novato Real Estate Market Update (April 2008 Home Sales Report)

The Novato (Marin County, California) home sales market ended the first quarter of 2008 on a positive note as sales continued at an even pace through March. While the number of active listings is up, buyers are jumping in to take advantage of the well priced inventory on hand.  Indeed, there are lots newer homes, under 10 years old, under $800,000 in Hamilton Field. Moreover, Novato also has 5 homes priced under $500,000. Overall, roughly 20% of homes on the market in Novato are in escrow. Sellers face stiff competition. Their homes must show well and be priced to sell–buyers are very knowledgeable about the market. It helps if the home is updated and/or located in a desirable neighborhood. It is expected that sales will pick up in the month as buyers begin accessing the the new conforming loan programs put into effect over the past couple of weeks. Novato is poised for a big quarter of home sales as buyers recognize the comparative value of homes and as the HWY 101 freeway widening project gets closer to completion (minimizing the commute-time concerns of past years). 

The number of homes in Novato that sold in March 2008 more than doubled over the prior month (there were 37 home sales, up from 17 in March)–they averaged about 103 days on market, sold for an average sales price of $793,000 (roughly $359 per sq./ft.), and the average sized home was 2,308 square feet. Homes in Hamilton Field (particularly South Gate and Newport), Pointe Marin, Rush Creek, Indian Valley, San Marin, and Partridge Knoll continue to get robust numbers of showings, as do the new luxury homes at Stonetree and the green homes of Olive Ridge (3 of which sold last month alone).

For a brief explanation of the importance of the statistic addressing 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.