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

As I have noted in this report for the last couple months, the Northern Marin (e.g., Novato) real estate market is chugging along and exhibiting strong signals in certain price bands. Active listings are abundant. Buyers are focussed and writing offers in the hopes of tapping into the aggressive pricing embraced by sellers. 

Indeed, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. New business arrivals at Hamilton Landing are fueling many of these purchases. Moreover, there are 30 homes under $500,000 (up from 22 last month), and 55 homes under $600,000 (up by 1) currently on the market. At the other end of the spectrum, Novato’s resurgent semi-luxury market ($1 million to $1.5 million price range) posted another 5 sales in June 2008 and 3 of Novato’s high-end homes (priced over $1.5 million) sold in June 2008. Overall, roughly 22% of homes on the market in Novato are in escrow. I expect that sales will continue even during the traditionally slower Summer months as pent-up buyer demand and investor activity prop up sales. My listings are seeing plenty of activity.

Thirty-two Novato homes sold in June 2008–up by 4 from May 2008, which saw 28 home sales. These homes averaged about 104 days on market, sold for an average sales price of $819,000 (roughly $363 per sq./ft.), and the average sized home was 2,307 square feet. Homes in Hamilton Field (particularly South Gate and Newport), Rush Creek, Indian Valley, and San Marin continue to get robust numbers of showings and/or interest.

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.