Novato Real Estate Market Update (December 2007 Home Sales Report)

The housing market in Novato is picking up as December sets in. It provides a wonderful environment to live in. 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 be maintained, updated, and/or located in a desirable neighborhood if they likely to 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 should interest rates rise in 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 November 2007 (there were 26 home sales–up by 5 from November 2007) averaged about 106 days on market, for an average sales price of $729,000 (roughly $399 per sq./ft.). Homes in Hamilton Field (particularly Southgate and Inspiration), 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.