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

The new year brings with it new energy in the Novato home sales market. The number of active listings in Novato, Marin County, remains fairly high with an abundant inventory of relatively affordable homes (including newer construction under $800,000). Novato provides home buyers who cannot afford the lofty prices of Southern and Central Marin lots of very attractive options. As for sellers, homes MUST BE PRICED FOR TODAY’S MARKET. While homes elsewhere in Marin County continue selling at a relatively brisk pace, in Novato, homes must be very well maintained, updated, and/or located in a desirable neighborhood if they are likely to sell in a time frame under 90 days. However, there is currently a spike in the percentage of homes in escrow virtually across the board, except the Novato luxury market (homes over $1.5 million). In fact, Novato was recently identified as one the best affordable neighborhoods near a major city (in this case, San Francisco) by Business News magazine—click here for Novato is “Best Affordable Town”.

Homes in Novato that sold in January 2008 (there were a mere 14 home sales–there were 26 in December 2007) averaged about 127 days on market, for an average sales price of $684,000 (roughly $397 per sq./ft.). Homes in Hamilton Field (particularly Southgate 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 Olive Ridge.

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.