Labor Day is behind us, schools are back in session and the Novato real estate market has just entered its second-busiest season of the year: fall.

This year feels a little different, though. The market is tough going. However, there are some positive signs on the horizon. Interest rates have decreased to their lowest level in almost a year, and the Fed is expected to cut the federal funds rate this month, and perhaps 2 more times in 2025.

Here’s a video update from Realtor Erin McGinnis, and the full transcript is below.

The Novato housing market is shifting

As you may or may not know, the summer real estate market was very slow; even slower than normal. It gets quiet in Marin once school lets out because people go on vacation. This year though, all the uncertainty in the economy put a chill on home buying. The result? A decline in sale prices.

Novato Median home prices

In July, the median home sale price was $1,187,500. That’s down 11% from June and it’s more than $100,000 less than July of 2024.

Days on market rose to 50 days, the highest level since last winter. Many homes sold only after they had price reductions.

But here’s the good news: More houses are getting into escrow every week. Today, Novato pending sales are up to 29%, compared to just 20% five weeks ago. That’s a strong sign that buyer activity is heating back up as we enter the fall season.

For homeowners, this means strategy is key. Pricing, presentation, and timing make all the difference, especially in a market where buyers have more options.

Early Fall Success Story

Our clients at 1256 Highland Drive in Novato did an amazing job getting their house ready for market. We finished staging their house around Labor Day, executed important pre-marketing on Compass Private Exclusive to test price, and then launched their house to the MLS.  After just 12 days, they received an offer and now they are under contract!

If you’re thinking about selling in 2025 or 2026, now’s the time to talk strategy. Please call us today 415-725-1911.