It’s hard to believe, but the spring selling season is ending and we’re entering the summer months. Usually at this time of year, the market slows down a little because school’s out, and people go on vacation. Sometimes sellers might wait to list. But this year, our advice is: don’t wait! Here’s why.
Watch a video update from Realtor Erin McGinnis. Or, you can continue reading below.
Brisk Novato Home Sales
It’s June, and the headline in the Novato real estate market right now is that homes are selling quickly!
In fact, the average Novato house spent just 21 days on the market in May. That’s the least amount of time in almost a year.
We’ve seen this in our own listings. Since April, we have closed 6 sales where we represented the seller, and those homes sold in just 14 days on average.
That’s the result of buyer demand outpacing housing supply. Last month, only 36 single-family homes changed hands. That’s down 38% from a year ago.
Why The Low Housing Supply?
A lot of homeowners have mortgages with 2 and 3 percent interest rates, and they’re not wanting to give those up, so they’re not selling their houses. This is going on nationwide and it’s contributing to historically low inventory. It’s a tough situation for buyers, and it’s helping to keep prices up.
Novato Home Prices On the Rise
Since the start of 2023, prices have been on the rise. In January, the median sale price had fallen to less than $1.1 million. Last month, it was $1.24 million. So in 4 just months, the median sale price jumped 13%.
As we reported last month, overbidding on homes is back, meaning many buyers are offering more than the list price. In May, the average Novato home sold for 3% over the list price, which is about $40,000 on the average sale.
Usually at this time of year, things slow down a little in the real estate market because school’s out, and people go on vacation. Sometimes sellers might wait to list.
But this year, our advice is: don’t wait. There are still a lot of buyers in the market looking for great houses, and we expect that demand will continue through the summer.
If you’re considering a move, please give us a call today!