• Erin McGinnis

Highest End of Novato Market is Where You'll Find the Most Homes For Sale

38 Pierce Dr in Novato, sold by Team McGinnis Realtors

Novato has always been regarded as an affordable city to live, certainly relative to the rest of Marin County.

And until somewhat recently, a home priced at $1,500,000 was the exception.

But things have changed. At this moment, there are 28 homes on the market priced at $1.5 million and higher. That's more than half of all available Novato homes for sale!

Of those 28 homes, eight -- or 29% -- are in escrow.

Novato pending sales chart, Team McGinnis Realtors

Last year is when we noticed a big shift in Novato's highest end of the market. In late winter and early spring, buyer demand was very strong in this price range ($1.5M and up), and it was common for 50%-65% of homes to be in escrow. Those numbers indicate a strong seller's market.

But supply was low in this upper price range. Week to week, there were anywhere from seven to 10 homes on the market.

By summer 2017, high-end homes were coming out of the woodwork and onto the MLS.

Supply doubled and demand dwindled. Pending sales hovered at around 15% (which is considered a buyer's market).

2 Andersen Way in Novato CA, sold by Team McGinnis Realtors
2 Andersen Way in Novato. The highest end of the Novato market was crowded last summer, with 35 homes on the MLS priced at $1.5 million and higher. Only 9 of these fine homes sold by the last day of summer, and we represented 2 of those properties, or 22%.

By year's end, supply decreased thanks to price reductions.

Fast forward to today. Inventory in the upper end of the Novato market is near an all-time high. And the good news for sellers is that demand is staying relatively strong, with pending sales hovering around 30% week to week.

The bottom line? High-end homes that are priced well are selling in one week.

1st Quarter 2018 Fun Facts - $1.5 million and up

Total number of sales: 18 (versus 3 a year ago)

Number of off-market sales: 8 (or 44%)

Highest sale in Novato: $2,112,000 -- 2090 Novato Blvd. is on 5.6 acres

What's the best strategy for selling your high-end Novato home? Please call us today to discuss it. Kevin is at 415-725-1911

Further reading:

Cash is King in Marin Country Club

Lessons from a Pointe Marin Sale: $80,000 Over Asking Price

If At First You Don't Succeed, Call Team McGinnis