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

August 12, 2008 by  

The Northern Marin (e.g., Novato) real estate market continues to out-pace the Central Marin market in certain price bands. Active listings are abundant. 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 noted over the past few months, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. I have a new listing that is exquisite, with a pool, and located in the highly sought after neighborhood of Pointe Marin–asking price $799,000. This is an example the fantastic value available in Novato. New business arrivals at Hamilton Landing are fueling many purchases in Northern Marin as is the new Hamilton Marketplace.
 
There are 43 homes under $500,000 (up from 30 in July 2008), and 67 homes under $600,000 (up by 13) 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 7 sales (there 5 last month). Overall, roughly 23% of homes on the market in Novato are in escrow. Sales, it appears, have continued over the past month, even though Summer tends to be slow for home sales. Certainly, my listings are seeing plenty of activity with dozens of visitors at open houses.

Thirty-four Novato homes sold in July 2008–up by 2 from June 2008, which saw 32 home sales. These homes averaged about 122 days on market, sold for an average sales price of $769,000 (roughly $370 per sq./ft.), and the average sized home was 2,171 square feet. Homes in Pointe Marin, Rush Creek, Indian Valley, and Stonetree continue to get robust numbers of showings and/or interest.

Price Range

Total Homes

Pending Listings

Up to $600K

94

29%

$600K – $750K

 63

35%

$750K – $1 mil.

77

18%

$1 mil. – $1.5 mil.

53

19%

$1.5 mil. & Up

32

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.

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