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Pacific Union Novato Real Estate Market Update (October 2010)
As we settle into Autumn, Novato's real estate market remains the model of consistency. While buyers continue to question pricing in Southern Marin and cite uncertainty as their primary concern, many are shifting their focus and stepping forward into the Novato market, confident that prices have leveled. For example, in the primary move up market (consisting of homes priced between $800,000 and $1 million, with at least 2,500 square feet and 4 beds and 3 baths) prices are UP 3% over last year. Moreover, Novato's price per square foot has hovered within 3% of $310 for several months now. Also, prices are also holding steady in several of Novato's higher-end neighborhoods. In comparison with the rest of Marin, this stability engenders confidence.

This is good news for buyers and sellers alike, as are the current historically low interest rates which continue hovering around 4.5%. Many buyers also cite the fact that in Novato you simply get much more bang for the buck. Indeed, lower inventory in the move-up price band is evident as buyers snap up available inventory.

We again had 33 trades last month and average sales prices and average price per square foot figures remained nearly unchanged ... more

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