Novato Real Estate Market Update (October 2007 Home Sales Report)

kylefrazier76 CommentsMarin Market Updates

In Novato, more than any other town in Marin County, California, homes MUST BE PRICED FOR TODAY’S MARKET. They must also be nicely maintained, updated, and/or located in a desirable neighborhood if they are to going to sell. Listing agents often say that location, price, condition, and marketing are the four most important pieces of the puzzle (not necessarily in that order), when it comes to selling homes. They also say that the price can overcome all other issues a home may have. Indeed, you can sell a leaky shack next to a nuclear plant if the price is right. The point is–sellers must price their homes correctly if they are to sell.

In any event, by all accounts, showings are on the rise in Novato. There are lots sales with big down payments and short escrows. For others, it seems they are waiting to see what happens with prices (although they may learn a hard lesson in mortgage math as interest rates rise in the coming months). Indeed, with the percentage of homes in escrow nearing all-time lows in Novato, this is possibly one of the best markets buyers are going to see for a long time. 

Homes in Novato that sold in September 2007 (there were 14 home sales–down by 15 from August 2007) averaged about 71 days on market, for an average sales price of $820,000 (roughly $416 per sq./ft.). Homes in Hamilton Field, Pointe Marin, Presidents, Rush Creek, Indian Valley, San Marin, and Partridge Knoll continue to get robust numbers of showings, as do the new luxury homes at Stonetree.

Price Range

Total Homes

Pending Listings

Up to $700K

 80 (up 10)

23%

$700K – $800K

49 (down 1)

12%

$800K – 1 mil.

48 (no change)

6%

$1 mil. – $1.5 mil.

67 (up 1)

9%

$1.5 mil. & Up

23 (down 4)

0%
 

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.