Novato Real Estate Market Update - December 2010

Novato, CA real estate/housing market update

Total Novato homes sold in November 2010: 20 (Single-family homes. This is down from 27 sales in October. This is also down from 38 sales in the same period last year.)

Based on November's sales, here's a snapshot of the average single-family home sale in Novato:

• Price: $547,650
• Size: 1,986 sq ft
• Price per sq ft: $276 (almost unchanged since October)
• Days on market: 109

This week in Novato real estate: The entry-level price range (under $500K) remains the strongest - 56% of these homes are currently in escrow, up from 47% one month ago. Meanwhile, the $500K-$600K price range is also active, with 61% of homes in escrow, up from 44% a month ago.

The $600K-$800K range represents a mix of entry-level and move-up homes, and it is technically a "neutral market" right now (favoring neither buyers nor sellers) with 32% of homes in escrow.

$700K-$1M remains buyer-friendly, with 22% of homes in escrow.

In the luxury market: 19% of homes are in escrow in the $1M-$1.25M range; 17% in $1.25-$1.5M. Above that price range, it's even lower, just 6%.

Real estate is hyper-local, so if you want to know what the market is like in a particular neighborhood, we can tell you. www.BestHomesMarin.com or 415.725.1911.

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