Novato Monthly Update
Updated September, 2023...
We saw continuing low volume and steady pricing in August, so the overall market dynamics remained the same. Inventory remains tight and well priced properties in more desirable neighborhoods are seeing multiple offers. Contributing to the inventory shortage, many property owners have locked in historically low interest rates over the last few years, making them less likely to make a move.
Only 36 single family homes sold in August, which is on the low side of normal.
The median price for a single family home in Novato came in at $1,218,800 in August.
2022 prices shown in gray, 2023 prices in orange:
Transaction volume remains lower than normal due to poor supply.
The market shifted significantly in the fall of 2022, primarily due to higher interest rates reducing affordability for Buyers and putting downward pressure on sales prices. Spring 2023 activity saw a bit of a seasonal uptick in prices which seems to be holding steady. Barring a significant macroeconomic shift, values should be relatively stable in 2023.
Take a look at our annual report to see how current trends fit in with a more historical perspective - View report
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