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

kylefrazier363 CommentsMarin Market Updates

The Novato (Marin County, California) real estate market continues to show signs of increased traction. While the number of active listings remains high, buyers are jumping in to take advantage of the aggressive pricing evident in the market. Indeed, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. Moreover, Novato also has an amazing 29 homes under $500,000 and 83 homes under $600,000. Overall, roughly 20% 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.

About 31 Novato homes sold in April 2008–a little less than the prior month which saw 37 home sales–they averaged about 98 days on market, sold for an average sales price of $686,000 (roughly $372 per sq./ft.), and the average sized home was 1,907 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.

Price Range

Total Homes

Pending Listings

Up to $600K

83

25%

$600K – $750K

 62

23%

$750K – $1 mil.

85

13%

$1 mil. – $1.5 mil.

65

11%

$1.5 mil. & Up

25

4%
 

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.