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Southern Novato Real Estate Update, Fall 2022

We are in the midst of a significant real estate market correction (not a crash!) As we head further into November, selling a home quickly and with multiple offers is no longer the foregone conclusion that it was during the frenzied market of the past 2 years. The southern Novato real estate market has slowed (like almost everywhere), mostly due to a doubling of mortgage interest rates compared to one year ago.

But, despite the concern this is causing, it’s not the worst thing! We are really just heading back toward the market pace we saw pre-pandemic, and those were still great years for real estate.

Keep reading to find out what’s happening in southern Novato real estate…

POINTE MARIN, NOVATO

Real Estate News for Pointe Marin Residents

The median home sales price in Pointe Marin so far this year is $2 million, which is a 16% increase from the same period in 2021.

Sales are down, however, with 14 closed home sales so far in 2022, compared to 18 during the same period last year. Every home that has come on the market this year has sold, and in an average of 20 days.

Buyers are still seeking Pointe Marin homes, and supply is extremely low. As of this writing, there are no active listings, and just one listing is under contract.

PRESIDENTS, NOVATO

Real Estate News for Presidents Residents

The average home sale price in the Presidents neighborhood so far this year is $1.22 million, which is a 23% increase from the same period in 2021.

Sales are up too, by 11%, with 31 closed single-family home sales so far in 2022, compared to 27 during the same period a year ago. Homes have been selling in an average of 26 days, which is quick, but still a few days longer than the market average in Novato.  

Buyers are still seeking Presidents homes, and supply is very low. As of this writing, there are two active listings and two pending listings.

LOMA VERDE, NOVATO

Real Estate News for Loma Verde Residents

The median home sale price in Loma Verde so far this year is $1.375 million, which is a 20% increase from the same period in 2021.

Sales are up this year too, with 13 closed home sales so far in 2022, compared to 8 during the same period last year. Every home that has come on the market this year has sold, and in an average of 10 days. 

Buyers are still seeking Loma Verde homes. Today, 50% of all homes for sale in Loma Verde are in escrow, which indicates healthy buyer demand. That’s compared to 36% under contract in the broader Novato market. 

HAMILTON, NOVATO

Real Estate News for Hamilton Field Residents

Hamilton is performing better than the Novato market as a whole. The average home sale price in Hamilton so far this year is $1.38 million, which is a 8% increase from the same period in 2021. 

Sales are down sharply, however, with only 14 closed single-family home sales so far in 2022, compared to 40 during the same period last year (5 additional homes are in ‘pending’ status). Every home that has come on the market this year has sold, and in an average of 17 days.

Buyers are still seeking out Hamilton homes. Today, 55% of all homes for sale in Hamilton are in escrow, which indicates healthy buyer demand. That’s compared to 36% under contract in the broader Novato market. 

Are you thinking of selling? Put our 16 years of Novato sales experience to work for you. We have an excellent track record in southern Novato real estate sales. Please reach out via the form below or call us today: 415-725-1911

Want to know more about what’s happening in the Novato real estate market? Watch a new video on our YouTube channel.

 

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