Pacific Union | Top Agent | Novato Real Estate Update (March 2016)
Pacific Union International | Novato Real Estate Market Update (March 2016 Novato Home Sales Report). Novato home sales numbers in February 2016 were very strong (February is generally not considered a strong month of the year for home sale closings). As appreciation in home values in Novato continue on their upward trend, many homes have now shifted into the higher price brackets. Indeed, this phenomenon has required me to adjust my monthly report pricing analyses throughout Marin County. Overall, 30 single family homes sold at an average price per foot of $416. Likewise, Novato’s upper tier / luxury home market (homes over $1 million) has grown considerably over the past year. In fact, the number of $1 million+ homes that sold in February 2016 nearly doubled that of 2015. We are finding more and more buyers feel the “bang for the buck” in driving an extra 10 minutes from Sir Francis Drake is worth it. We also continue to see numerous sales conducted privately, outside of the MLS, via netorking groups such as the Top Agent Network (top 10% of agents) and the Marin Platinum Group (Top 1% of agents). It is believed that approximately 10-15% of homes are sold without ever hitting the market. Indeed, I sold several homes privately in 2015 and have seen several more go into escrow.
The average sale price for Novato homes in February 2016 was $935K . Novato (especially Southern Novato) is unquestionably starting off as one of Marin County’s hottest markets in 2016.
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