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Novato Luxury Real Estate Market Update | Spring 2024 (VIDEO)

Novato Luxury Real Estate Market Update | Spring 2024 (VIDEO)

Thumbnail image Novato Luxury Real Estate

Demand for Novato luxury homes is up this year. Here’s Realtor Erin McGinnis with an update on the mid-spring 2024 Novato luxury real estate market.

Please watch the video or continue reading below.

Novato Luxury Homes

So what is considered a luxury home in Novato? Typically the luxury market is considered the top 10 percent of all sales in a year.

When we look at 2023, there were 370 single family home sales in Novato. 10 percent of that is 37, and those 37 sales were for $2.1 million and up.

Because I like big round numbers, let’s just call it $2 million and up.

Spring 2024 Luxury Market

We are in the midst of the spring 2024 market, and so far this year, 8 Novato homes have sold for $2 million or more.

What do we know about these sales? Here are 3 things that I found interesting:

Cash Deals Are More Common

Number 1: The majority of the luxury home sales were all cash, 63% in fact. That’s up from the same period a year ago, when 44% of the deals were all cash. Many markets in general are seeing more cash deals right now because of this higher interest rate environment.

Priced Too High? Expect to Sit Until You Reduce

Number 2: It’s taking a little longer for luxury homes to sell this year, on average. While 5 of the homes got snapped up right away, others lingered on the market and needed price reductions to generate an offer. The average time on market so far this year is 88 days. That’s compared to just 38 days in the rest of the Novato market.

Expect More Offers

Number 3: Despite longer times on market (on average), it seems there are MORE luxury buyers compared to this time last year. The average home is getting 2 offers this year, compared to one offer last year. That’s causing sales to exceed their asking prices by almost 4%, on average.

On a $2 million home, that’s an $80,000 bump on the list price.

Pricing strategically is a key factor in getting the best results. Timing is also important. If you’re thinking of selling, let’s talk today about how to time your sale to succeed in the Novato market. Call or email us today.

Meantime, you might like these posts:

Top 5 Priciest Neighborhoods in Novato

Success Story: $2.3M Novato Home Sale


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