Novato Home Prices
Novato Real Estate Market Update
1100 Cabro Ridge in Novato, Sold by Thomas Henthorne
Please bookmark this page to see the latest Novato real estate market update charts and Novato home prices, updated the first week of each month with a live feed courtesy of BAREIS MLS. Because this page is constantly changing, I will not include commentary on the charts below but you can read my monthly Marin real estate market reports in my blog to read my opinion and analysis. Of course these charts are just a place to begin. Let’s continue the conversation — call me at 415-847-5584 and I can prepare an overview that includes specific nearby homes that have sold in your neighborhood.
Novato is one of the larger home markets in Marin, so this page should give you an idea of how the northern Marin real estate market is performing. You may also wish to look at the overall Marin County real estate market report to see the entire Marin county real estate market.
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Novato Home Sales vs. Sold Inventory Overview
The chart below illustrates a 14-month rolling history of inventory of Novato homes for sale (light green) vs. the number of Novato homes sold (dark green) per month. The red line shows the number of homes in Novato that went into escrow each month and the blue line shows you the number of new listings per month. This chart provides an excellent perspective on supply and demand in the Novato real estate market and allows you to see inventory, sales and listing trends.
Novato Real Estate Market Months of Inventory
The chart below illustrates the months of inventory of Novato homes based on closed sales for the past fourteen months. As a rule of thumb, an inventory level of less than three months indicates a strong sellers’ market while an inventory level greater than six months indicates a buyer’s market.
Novato Housing Market Historical Price per Square Foot
I hesitate to include this chart because price per square foot, popularized with online services that supposedly calculate your home’s value, can be very misleading. While price per square foot can provide a general picture of pricing trends, there are many factors that impact the value of a home. A professional real estate agent will take into account condition of the home and surrounding homes, recent sales in your neighborhood, school district, neighborhood nuisances like freeway noise and parking difficulty, and other factors in helping you establish the market value of your home, or the value of the home you are considering purchasing.
Novato Home Prices Average and Median Pricing Trends
The chart below illustrates average and median home prices in Novato over the last fourteen months. If the average sold price is below the average listing price, and falling, the market may be moving towards a buyers’ market. If the average sold price trend is up or above the average listing price, the market may be moving towards a sellers’ market. Why look at the median price versus the average price? The average price is susceptible to skewing by very high or very low-priced homes which are outliers in the market. The median literally reflects the price of the middle home in the market — so if there are 100 homes for sale in Novato, the median price would be the price of the 50th home. Please read this article on Realtor.com for more information on median versus average pricing if you have questions.
Novato Home Sales Days on Market & Sales Price vs. Original List Price
The chart below reflects the average days on market (the bars) and the average sales prices divided by original list price percentage for the past fourteen months. Using the average days on market we can see generally how long homes are taking to sell. Generally we see this number decrease during the peak spring season and increase in the slower winter season. We can use this chart to see if generally homes are selling for more than asking, and we can also use this to determine if days on market is lengthening or shortening. This is helpful in determining how “hot” a given market is.
