The Novato real estate market is entering its second-busiest selling season! The fall market is strong historically. This year, its arrival comes with some big changes in market conditions. In this video, find out what’s happening in September 2022.
The fall is usually our market’s second-strongest period, behind spring, and it kicks off with Labor Day and runs through mid-November. This year, its arrival comes with some big changes in the market.
The real estate market has shifted, locally and nationwide. Novato’s spring market was white hot, and a buying frenzy led to the highest sale prices ever in Novato. But things quickly cooled off at the start of summer. Interest rates suddenly climbed to more than 5% for a 30-year fixed rate mortgage, there was volatility in the stock market, and people left town in droves for summer travel. The result? Well we can see it in the August numbers. The median home sale price in August was $1,232,500, which is down 10% from July and 16% from June.
While this is not news that home sellers like to hear, keep in mind there can be a lot of fluctuation in sales numbers month to month. Looking at the bigger picture is helpful. When you look at prices for the year, you can see the trend. August numbers dipped but they’re higher than they were in January, and they’re up 7% from a year ago, in August 2021.
In Marin, where housing supply is limited, real estate prices are almost always trending upward year over year. Property presentation and pricing are especially important if you want a successful sale right now. If you’re thinking about moving, call us today.