We saw continuing low volume and steady pricing to finish out 2023, 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 21 single family homes sold in December, bringing the tatal for the year to 371 which is well below the normal of around 500.
The median price in December for a single family home in Novato came in at $1,137,500.
2022 prices shown in gray, 2023 prices in orange:
Transaction volume remains lower than normal due to poor supply.
The market slowed this fall, primarily due to higher interest rates reducing affordability for Buyers, although there was some decline in December. Sales prices have been fairly steady due to limited supply. Barring a significant macroeconomic shift, values should be relatively stable in 2024.
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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