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Out with the Old! Novato Real Estate Market Update | February 2023 (Video)

Out with the Old! Novato Real Estate Market Update | February 2023 (Video)

Erin McGinnis

It’s February, a time when the Novato real estate market typically starts to pick up ahead of the busy spring market. But what about this year, with all the changes we’ve seen with interest rates?

We are happy to say there is positive news to report in the Novato real estate market. Watch a video update from Realtor Erin McGinnis. Or, you can continue reading below.

Novato Real Estate – Pending Sales Have Improved

As of this week, half of all houses on the market in Novato are in escrow. That’s up from around 30% of all houses in September, October, November and December.

This means more buyers are making offers on houses, and that is very welcome news after the market slowed way down in the second half of last year, as interest rates climbed past 7 percent in November. Rates have come down since then.

Out With Old Housing Inventory

Another bit of good news? A lot of old housing inventory finally sold last month. In fact, I think we can call January “the month of cleaning house” in the Novato real estate market. Forty-three percent of all house sales were properties that had been on the market for 90-plus days.

Novato Median Home Sale Price

Novato median sale price graph 2023

The median home sale price in Novato last month was just shy of $1.1 million. That’s down 9% from a year ago. That’s not surprising, considering how slow the market was in the last quarter of 2022.

We expect with the re-emergence of buyers, prices will improve steadily, but it’s important for sellers to know that buyers are very price sensitive.

Are you thinking of buying or selling this year? If so, please contact us today so we can help you reach your goals.


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