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

As noted in this report last month, the Novato (Marin County, California) real estate market continues to show signs of increased health and vitality. While the number of active listings remains high, buyers are really beginning to get in there and write 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. Moreover, there are 4 homes under $400,000, 19 homes under $500,000 (down from 29 last month), and 54 homes under $600,000 (down from 83) 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 9 sales in May 2008.

Overall, roughly 23% of homes on the market in Novato are in escrow. Although sellers face stiff competition, they can lure buyers with good pricing and outstanding curb appeal. I expect that sales will continue picking up in the coming months as pent-up buyer demand takes hold. My listings are seeing plenty of activity.

Twenty-eight Novato homes sold in May 2008–a little less than April which saw 31 home sales. These homes averaged about 109 days on market, sold for an average sales price of $804,000 (roughly $379 per sq./ft.), and the average sized home was 2,165 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.

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.