Novato Real Estate Market Update (Homes For Sale and Sales Report)
The level of inventory for single family homes in Novato (North Marin County) has increased steadily over the past several months. As we get settled into the peak buying and selling season in Marin, Novato leads all other Marin towns in homes for sale with 173 (active listings). There are 66 properties currently in escrow. Twenty-seven homes in Novato sold this month as of 4/28/07.
The current absorption rate for homes in Novato is approximately 3.8 months of inventory. However, close examination of the sales breakdown shows that sales gravitate in the under $800,000 price-range. Overall, in Novato, the average days on market for homes that sold is 61 days. Hamilton Field, Pointe Marin, San Marin, Partridge Knoll, Rush Creek, and Atherton Ranch continue to sell well.
Of the 27 homes in Novato that sold in the past month, 19 were priced under $800,000, only 3 between $800,000 and $1 million, and the remaining 5 were over $1 million (the highest being $1.775). Looking at active homes for sale, there are 99 currently on the market in the sub $800,000 range (where the vast majority of sales are occurring) and another 74 homes over $1 million. Based on last month’s sales the million dollar plus market has enough inventory to satisfy demand for 14.8 months.
For a detailed analysis of your neighborhood, call Kyle Frazier at 415/350-9440–it is a pleasure to be of service.