Novato, California (Real Estate Market Update -- October 2009)
By Kyle Frazier, Kyle Frazier , CRS & Marin CA Realtor
(Christie's Great Estates | Pacific Union International)
“Give Yourself a Raise. Move to Novato.” Entering into the dormancy season for Marin County real estate, it appears that certain “hotspots” remain — Novato is one of them. In September 2009, 35 Novato homes sold, compared with 38 sales in August 2009. The Novato real estate market derives its strength from entry level home sales. The number of homes actively listed in Novato remains very low compared with the rest of Marin (and the percentage of homes in escrow is much higher than the rest of Marin) because of exceptional demand based on affordability and the ongoing fantastically low interest rates. While the average sales price of Novato homes rose in August to a remarkable $713,440 (based in large part to the makeup of sales), that number fell back to Earth in September — $646,389...
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