Novato Real Estate Market Update, for August of 2025

August 2025 real estate market report for Novato. The following are key takeaways:

#1. Homes under contract (43) are up month over month by 48% and year over year are up by 30%. Interestingly this is close to matching August of 2023. The August numbers show 28 days as the median days on market which is down 22% month over month but up 17% year over year, however, looking over the last 3 years you will note the days on market is within the norm. #2. The original list price to final sales price ratio is at 98% meaning on average homes are selling under their listed price. We have been under 100% for the last three months now. We continue to see homes which are not turn-key sitting on the market for longer periods of time, not receiving multiple offers, and oftentimes selling for below the list price, this has been a trend for over 2 years now. Contrarily homes which are nicely done or even modestly refreshed. We are seeing these homes sell more quickly, for their list price, or a bit more. Each sale has its own specifics, of course. #3. The median price per square foot is $602, up very slightly from the previous month when it was at $590.  

Of the 21 homes that sold in August, 6 received multiple offers with the other 15 receiving a single offer. In regard to the 6 multiple offers, 2 of the homes while receiving multiple offers sold under their list price, 1 sold at its list price, with the balance of 3 all selling over their list price. We are still seeing more negotiating occurring before the parties are even in contract, than what is common in Marin, however, this has been going on for a few months now so maybe it will become common.

See data graph below;