Novato homes continue to sell at a relatively fast pace. There is only 2 months of housing inventory, which means demand far exceeds supply (6 months of inventory is considered a neutral or balanced market). During the government shutdown, we noticed a dip in buyer activity. This could be coincidental, or it could be that uncertainty spooked buyers a bit.
In the chart below, you can see how each price range is faring right now in Novato. Most are seeing between 2 and 4 months of inventory.
Who's in charge of the Novato real estate market: buyers or sellers?
As of October 15, 47% of all Novato single-family homes were in escrow. That indicates a market favoring sellers. But if you look at the data by price point, there are somevariations. For example, there was less buyer activity in the $700,000-$800,000 range. 29% of those homeswere in escrow, indicating a neutral market favoring neitherbuyers nor sellers. But homes between $800,001 and $1 million have been moving faster. On October 15, 43% of those home were in escrow—a seller’s market.
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