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Pointe Marin Novato Real Estate Update | January 2023 (Video)

Pointe Marin Novato Real Estate Update | January 2023 (Video)

Erin McGinnis

It’s been an incredible 12 months for Pointe Marin real estate. Buyer demand was intense for this neighborhood, and home sale prices hit new highs. More than once, we were left speechless by the rapid run up in prices.

Watch this video update from Pointe Marin resident and Realtor Erin McGinnis, or continue reading below.

Record Prices in 2022 in Pointe Marin Novato

Our listing at 157 Laurelwood Drive set the new Pointe Marin price record in 2022, selling for $2,550,000. It was a single-story home, the “Custom House” model by Shea Homes, and those don’t come on the market too often.

157 Laurelwood Dr in Pointe Marin Novato

Team McGinnis’ listing at 157 Laurelwood Drive set the Pointe Marin price record in 2022, at $2,550,000.

Here’s an overview of what happened in Pointe Marin Novato real estate in 2022:

Sales were way down. There were 16 sales compared to 21 the year before. That’s a 24% drop, and similar to the rest of Novato where sales were down 25% year over year.

The median home sale price in Pointe Marin was $1,955,000, which is a 14% increase from 2021.

The homes in the Breakers part of the development, which for the most part are the largest homes, sold for a median of $2.1 million; all other models sold for a median of $1,775,000.

Impact of Rising Interest Rates

Record prices were only part of the story in 2022, however. A dramatic rise in mortgage interest rates cooled off the Novato market by summer and fall, and there has only been one sale in Pointe Marin since October.

Right now there is one new active listing in the neighborhood, and we know about one home being advertised off-market. Those listings will be a good barometer for how the market is performing this year.

What About 2023?

We feel good about 2023. We’ve noticed a big uptick in buyer activity at our Novato and San Rafael listings since January 1. In fact, this past weekend, we had more potential buyers come through our open houses than we’ve seen in weeks. A lot of that had to do with the holidays.

But also, buyers are seeing that prices have come down since last spring, which helps offset the impact of higher interest rates.

If you have questions about Pointe Marin or Novato real estate, please don’t hesitate to contact us.

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