Novato Real Estate Update (September 2007 Market Report)
In Novato, more than any place else in Marin, homes MUST BE PRICED FOR TODAY’S MARKET. They must be nicely maintained, updated, and/or located in a desirable neighborhood if they are to going to sell. By all accounts, showings are on the rise. But, it seems there are lots of folks waiting to see what happens with prices and interest rates. With the percentage of homes in escrow nearing all-time lows, this is possibly one of the best markets buyers in Novato are going to see for a long time.
Homes in Novato that sold in August 2007 (there were 29 home sales–down by 13 from July 2007) averaged about 85 days on market, for an average sales price of $885,000 (roughly $420 per sq./ft.). Homes in Hamilton Field, Pointe Marin, Presidents, Rush Creek, San Marin, Partridge Knoll, and Atherton Ranch continue to be in high demand, as do the new luxury homes at Stonetree.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $700K |
70 (up eight) |
17% |
|
$700K – $800K |
50 (up 10) |
8% |
|
$800K – 1 mil. |
48 (down 14) |
6% |
|
$1 mil. – $1.5 mil. |
66 (up 10) |
5% |
|
$1.5 mil. & Up |
27 (down 1) |
11% |