Novato 94949 Home Sale Prices Surge
Home sale prices are climbing higher in Novato, but the 94949 zip code is seeing the sharpest jump in home sale prices.
In the first quarter of 2018, the median sale price in 94949 was $1,290,000. That's up 38% from the same period a year ago!
The average sale price was up 31%.
This is based on 26 sales in the first quarter versus 25 sales a year ago during the same time.
Sale prices in 94949 ranged from $850,000 to $1,750,000 during the first 3 months of this year. This doesn't include townhomes.
In the first quarter of this year, the median home sale price in 94945 was $947,500. That's up from $802,000 a year ago -- an 18% increase.
Of the 32 single-family homes that sold in the first part of this year, a little less than half received multiple offers.
The median home sale price in 94947 was $894,500 last quarter. That represents a 15% increase from the beginning of 2017.
Why the sharp increase in Novato home prices?
There are several factors contributing to the run-up in prices here in Novato.
In March, Marin County's unemployment rate was 2.3%, making it the second-lowest place for joblessness in the state (just behind San Mateo).
Also, people are getting priced out of cities closer to San Francisco, so they are expanding their home search farther from the city. That's a big reason we are seeing multiple offers on homes. Novato is still relatively affordable compared to the rest of Marin.
That said, Novato's affordability has dropped significantly in the last year. Now, it's nearly impossible to find a 3bd/2ba detached home for less than $700,000. A 1,400 square foot home in the Presidents neighborhood just sold for $850,000! (1421 Cambridge Street was listed for $759,000. It got 5 offers.)
Double-digit price increases are not sustainable in the long term, but most predictions are that the housing market will continue to see gains for the foreseeable future.
If you want to know what your Novato home is worth now, please contact us for a free valuation. Kevin is at 415-725-1911 or firstname.lastname@example.org