Pacific Union Novato Real Estate Market Update (July 2010 Home Sales Report)

The Novato, California real estate market continues its torrid year with 49 sales in June — up from 38 sales in May 2010. The average sales price of Novato homes in June 2010 was $644,778. These homes averaged 98 days on market, were about 2,162 sq. ft., and averaged roughly $306 sq. ft.

Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady, particularly in the entry level and move-up price bands. This is good news for buyers and sellers alike. Moreover, historically low interest rates and added sales are giving buyers adequate impetus to make their move.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

  • 47% of homes priced under $500,000;
  • 34% of homes between $501,000 and $600,000;
  • 36% of homes between $601,000 and $750,000;
  • 33% of homes between $751,000 and $1 million;
  • 18% of homes between $1 million and $1.5 million;
  • 13% of homes between $1.5 million and up.

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