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

kylefrazierMarin Market Updates

 While the past few evenings have brought a chill to the air, the Northern Marin (e.g., Novato) real estate market continues to show some heat. Buyers are focused and seemingly undeterred when it comes to writing offers below asking price–sometime significantly so. Sellers with a need to sell are embracing aggressive pricing. As I have said before, Novato is the land of opportunity for those priced out of Southern and Central Marin–indeed, with interest down under 6% again, those who can qualify for a mortgage are jumping in, along with increasing numbers of investors way of the stock market and bullish on Marin real estate.

There are 36 homes under $500,000 (down by 9 from August 2008), and 60 homes under $600,000 (down by 7) 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 6 sales (there have been 19 such sales over the past 3 months). Overall, 31% of homes and condos on the market in Novato are in escrow. The hottest market segment is the under $500,000 price range, although all price bands under $1 million are performing well.

Forty-one Novato homes sold in August 2008–up by 7 from July 2008. These homes averaged about 94 days on market, sold for an average sales price of $681,000 (roughly $356 per sq./ft.). Homes in Pointe Marin, Rush Creek, Indian Valley, and Stonetree continue to get robust numbers of showings and/or interest. In fact several of my Pointe Marin listings have sold in the past month, or so.
 
Price Range
Total Homes
Pending Listings
Up to $600K
88
43%
$600K – $750K
 63
33%
$750K – $1 mil.
74
26%
$1 mil. – $1.5 mil.
50
12%
$1.5 mil. & Up
31
3%
 
 
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 always my pleasure to be of service.