Novato Real Estate Market Update for February of 2025

February real estate market report for Novato, California. The following are key takeaways: #1. The median sold price, year over year, decreased by 4.2% from $1,325 to $1,300. #2. February often secures the winning spot for fewest new listings for the year, but while on the lower side of the norm at 35 homes, it is well above the winner December which had only 2 new listings. #3. The original list price to final sales price ratio is at 99% meaning on average homes are selling for less than their listed price. #4. Median price per square foot at $602 is down ½ a percent from February of 2024. Of the 29 sold homes, 15 received multiple offers, one not reported, and the other 13 received a single offer. In regard to the 15 multiple offers, four of the homes while receiving multiple offers actually sold under the asking price and one at the asking price. The market seems to be picking up, but we will need more data (time) to determine if it is a “blip’ or a trend. 

Rates have been coming down on the thirty year fixed by .28 basis points from the beginning of February. And adjustable rate mortgages have seen their rates decrease as well. It may be that the lower rates are fueling the increase in multiple offers and homes selling over their list price. For the Bay Area's 7 counties, as a larger sample size we saw a 27.5% increase year over year for new listings and for active and coming soon listings we saw an increase of 42% year over year. We will be watching for trends.