If you’re thinking you didn’t see many for sale signs around Hamilton last year, it’s because more people than usual stayed put! In 2022, sales were down by half compared to 2021. Only 22 houses changed hands.

What else is happening with Hamilton Novato real estate? Here’s a video update from Realtor Erin McGinnis, or you can continue reading below.

Home sales were down in many places, both here and nationwide. In Novato as a whole, 25% fewer houses sold last year than in 2021. Some of the reason is just the market returning to normal after the supercharged pandemic market which saw a spike in sales.

Prices, though, were up. Here’s an overview.

The median home sale price in Hamilton, for detached homes, was $1,320,000. That’s a 5 percent increase from 2021.

Many of the neighborhoods saw record prices. Our listing at 42 Waterbury Lane in Sunny Cove sold for $1.6 million, the highest sale ever in that neighborhood.

Backyard at 42 Waterbury Ln. in Hamilton. We sold this home last spring for $1.6M, which was the record price for Sunny Cove.

South Gate had a sale that topped $1.7 million, and Newport had a sale close to $1,650,000.

Impact of Rising Interest Rates

Record prices were only part of the story in 2022, however. A dramatic rise in mortgage interest rates sent a chill through the Novato market by summer and fall, and home values gave up some of their pandemic market gains.

But even so, Hamilton homeowners are still ahead. The most recent Hamilton prices, and we’re talking about the ones that closed after interest rates doubled, those 4th quarter prices are up 21% from 2 years ago. I think anyone would be happy with of the equivalent 10% annual appreciation.

What About 2023?

We feel good about 2023. We’ve noticed a significant increase in buyer activity since January 1. Buyers are seeing that prices have come down off their frenzied spring highs, and that helps offset the impact of higher interest rates.

If you have questions about Hamilton or Novato real estate, please don’t hesitate to reach out by phone 415-725-1911 or email [email protected]