Novato Real Estate Market Update for May of 2025

May 2025 real estate market report for Novato. The following are key takeaways: #1. Homes under contract are up month over month by 7% and year over year are down by 6.4%. Compared to last month where the month over month was up by +54% and year over year by an impressive +122%. #2. The original list price to final sales price ratio is at 100% meaning on average homes are selling at their listed price. It is important to note we are seeing 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. Homes which are nicely done are still receiving multiple offers and selling for over the list price.  #3. Median price per square foot at $621 is down 4.9% from last month ($653) and down 6.4% from last year ($664). 

Of the 49 homes sold in May, 20 received multiple offers with the other 29 receiving a single offer. In regard to the 20 multiple offers, 6 of the homes while receiving multiple offers sold under their list price, one sold at the list price, with the balance of thirteen all selling over the list price. The number of sold homes jumped up 20% year over year and 40% month over month. There is a lot of activity out there, but I will say buyers are being more selective and taking their time. Open houses are well attended, too.

See graph below for reference-