Novato Real Estate Market Update (March 2008 Home Sales Report)
The Novato (Marin County, California) home sales market has recovered nicely in the first quarter of 2008. The number of active listings is way up, providing buyers with an abundant inventory of relatively affordable homes (including newer construction (less than 10 years old) under $800,000). Yet, well over 20% of homes on the market in Novato are in escrow. Sellers are still facing stiff competition and their homes must be priced extremely well. It helps if the home is updated and/or located in a desirable neighborhood.
Homes in Novato that sold in February 2008 (there were 17 home sales) averaged about 94 days on market, sold for an average sales price of $820,000 (roughly $348 per sq./ft.), and the average sized home was 2,530 square feet. Homes in Hamilton Field (particularly South Gate 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.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $600K |
65 |
25% |
|
$600K – $750K |
44 |
18% |
|
$750K – $1 mil. |
71 |
19% |
|
$1 mil. – $1.5 mil. |
49 |
22% |
|
$1.5 mil. & Up |
25 |
8% |