The fall real estate market is underway in southern Novato and we are seeing new listings hitting the MLS as people try to sell and move before the end of the year.
So how is the real estate market in 94949? The newest sales numbers are in and there are bright spots to report for both buyers and sellers.
Here’s Realtor Erin McGinnis with the highlights about the southern Novato real estate market. Watch the video, or you can read the transcript below.
In this article and video, I will give an overview of how the southern Novato real estate market performed in the 3rd quarter of 2024. Then, I will tell you what’s happening in Pointe Marin, Hamilton, Marin Country Club and Loma Verde.
We looked at all the data from the third quarter of 2024 in Novato. That’s roughly the summer months – July, August and September. The numbers tell us the market is balanced, meaning it’s not strongly favoring buyers or sellers.
5 key points to know about the 94949 market
In the 3rd quarter, 27 single-family houses changed hands in southern Novato. That’s 2 more sales than the same period the year before.
Sale prices ticked down a little. The median southern Novato home sale price was $1,460,000, down 2% from $1.5 million the year before.
Homes sold more quickly than they did the summer before. The time on market was 32 days, down from 37 days in the 3rd quarter of 2023.
The average house sold for 100% of its list price. That’s a slight improvement over the year before.
And finally, cash sales were off the charts. 52% of all single-family home sales in 94949 were all-cash. That’s up from 26% the summer before. Sellers love all-cash transactions because they usually offer more certainty and faster closes.
Hamilton Field Real Estate
In Hamilton, the headline is: “a resurgence of sales.” There were 10 sales during the 3rd quarter. That’s double the number there were last year during the 3rd quarter. Hamilton saw a serious dip in sales in 2022 and 2023. Homeowners with low mortgage rates were simply not putting their properties on the market, which mirrors a trend in the broader market.
However, since spring, rates have declined from their highs, and more sellers are making moves. The median sale price in Hamilton this summer was $1,336,500, up 5% from a year ago.
Pointe Marin Real Estate
In Pointe Marin, where there are only about 340 homes total, there were only 2 sales over the summer months. That’s down from 5 sales the summer before. There are always buyers wanting Pointe Marin, so there’s a big opportunity here for home sellers. The median sale price in the 3rd quarter was $2,172,500, but again that was with just 2 sales, so it’s not enough data to be meaningful.
Marin Country Club Real Estate
Just across Ignacio Boulevard from Pointe Marin is Marin Country Club. There were 6 sales in the country club in the 3rd quarter, the same as Q3 the year before. The median sale price was $2,075,625, which is up 4% year over year. Half of the sales were all cash.
Loma Verde Real Estate
And finally, in Loma Verde, there were just 2 sales in the 3rd quarter. The price point in Loma Verde is very attractive to buyers, it’s right around the median price for Novato, and we expect the 4th quarter to be busy because are seeing a new crop of houses coming on the market right now.
With only 2 sales, the median sale price data doesn’t mean much. But it was $1,232,500 in Q3 in Loma Verde.
Thinking of Moving?
If you want to buy or sell this year, there’s still time to jump on it. Call us today. If you’re thinking about moving next year, I would encourage you to start planning now. We can help. Please contact us today!