Novato Real Estate Market Update, for June of 2025

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

#1. Homes under contract are up month over month by 13% and year over year are up by 23%. Much more modest an increase compared to April where the month over month was up by +54% and year over year by an impressive +122%. The June numbers shows homes are selling, abate slower with median days on market at 34 which is up 42% month over month #2. The original list price to final sales price ratio is at 98% meaning on average homes are selling under their listed price. The previous three months were 100%, 101%, and 100%. 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. Also as with May, homes which are nicely done are still receiving multiple offers and selling for over the list price, on average. #3. The median price per square foot is $623, up very slightly from last month when it was $621.  

Of the 35 homes that sold in June, 16 received multiple offers with the other 19 receiving a single offer. In regard to the 16 multiple offers, 5 of the homes while receiving multiple offers sold under their list price, 2 sold at their list price, with the balance of 9 all selling over their list price. Strikingly 26 of the 29 home sales that only received one offer, sold under their list price. The number of homes sold dropped 29% month over month, with 35 homes that sold in June compared to 49 which sold in May. There is a lot of activity out there, but as with May, June buyers are being more selective and taking their time. We are seeing more negotiating occurring before the parties are even in contract, than what is common in Marin.

Graphs below for reference.