Novato Sales Report (Market Analysis 3/1/07)

By
Real Estate Agent with Christie's Great Estates | Pacific Union International

There are currently 126 active listings (single family homes) for sale.  About 1/3 of those are priced under $750,000-making Novato a desirable option for buyers priced out of Central and Southern Marin (for example, Mill Valley, at the time of this writing, has just two listings under $750,000). 

Nicely maintained and updated homes, located in nice neighborhoods with good schools (and, of course, priced well) are seeing multiple offers and selling quickly.  Multiple offers today, however, does not translate into overbidding as it did a couple of years ago.  Buyers are still in the driver's seat for most properties in Novato.  In fact, even in the $600,000 price range, there are homes lingering on the market.

Homes priced above $800,000 in Novato, are picking up steam.  Yet, buyers in this price range, exhibit caution and discrimination-the percentage of homes in escrow is in line with expectations and just up from last month (by about 3%-4%). 

In counterpoint to last month, the $1 million to $1.25 million price range, which was looking very strong at that time, is now back to Earth.  Meanwhile, the $1.25 million and up price range is looking very strong.  Novato's upper-end market is being propelled in large part by an influx of residents from Southern Marin.  Newer homes and those with a country feel on large lots are gathering momentum as we head into the Spring.

Price Range

Units Total

Active Listings

Pending Listings

$500,000 - $599,999

13

64%

36% -- ↓4%

$600,000 - $699,999

26

53%

47% -- ↑6%

$700,000 - $799,999

29

62%

38% -- ↑4%

$800,000 - $999,999

34

85%

18% -- ↑3%

$1,000,000 - $1,250,000

13

92%

8% -- ↓19%

$1,250,001 - $1,500,000

9

45%

55% -- ↑42%

$1,500,001 & up

26

81%

19% -- ↑19%

If you would like detailed data on your neighborhood, give me a call at (415) 350-9440.  It is my pleasure to be of service.

Posted by

Kyle Frazier | (415) 350-9440 | Kyle@ImagineMarin.com

Broker Associate, J.D. | Certified Residential Specialist | Certified Luxury Home Marketing Specialist | DRE 01405738
Pacific Union International & Christie's Great Estates -- Marin County, California

 

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