March 2018 Novato Real Estate Market Update
Updated: Mar 30, 2018
Novato sale prices are up dramatically year over year
Here's what Kevin McGinnis is sharing in this video:
This is your mid-march 2018 Novato Real Estate update. Looking backward at the month of February. We had only 23 sales in the entire month in all of Novato. These are single family homes, not condominiums. 23 sales, that’s less than one per day. The most expensive home that sold in February of 2018 was $2,112,000. The least expensive home that sold was $715,000.
The average Novato home sale was $1,183,128. And the median (half are more expensive, half are less expensive) was $1,150,000. The Days on Market, how long it took to sell, was 54 days.
Now let’s contrast that with 2017. We had 27 sales last year in February, and the most expensive sale was $1,995,000. The lowest price last February was $475,000. The market has gone way up from that. The average Novato home sale in February 2017 was right at almost exactly $1,000,000. And the median sale price (half are more expensive, half are less expensive) was $900,000. That represents a 28% increase year over year!
Our low inventory is what’s driving the rise in prices. I noticed today that the Fed raised interest rates to their highest level in the last decade, which is going to change things for a lot of people. If you have any questions give us a call, Team McGinnis Real Estate, 415-725-1911.