Novato Real Estate Market Update (June 2008 Home Sales Report)

June 13, 2008

As noted in this report last month, the Novato (Marin County, California) real estate market continues to show signs of increased health and vitality. While the number of active listings remains high, buyers are really beginning to get in there and write offers in the hopes of tapping into the aggressive pricing embraced by sellers. Indeed, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. Moreover, there are 4 homes under $400,000, 19 homes under $500,000 (down from 29 last month), and 54 homes under $600,000 (down from 83) currently on the market.

At the other end of the spectrum, Novato’s market ($1 million to $1.5 million price range) posted 9 sales in May 2008. Overall, roughly 23% of homes on the market in Novato are in escrow. Although sellers face stiff competition, they can lure buyers with good pricing and outstanding curb appeal. I expect that sales will continue picking up in the coming months as pent-up buyer demand takes hold. My listings are seeing plenty of activity.

Twenty-eight Novato homes sold in May 2008–a little less than April which saw 31 home sales. These homes averaged about 109 days on market, sold for an average sales price of $804,000 (roughly $379 per sq./ft.), and the average sized home was 2,165 square feet. Homes in Hamilton Field (particularly South Gate and Newport), Rush Creek, Indian Valley, and San Marin continue to get robust numbers of showings.

Price Range

Total Homes

Pending Listings

Up to $600K

101

45%

$600K – $750K

 64

20%

$750K – $1 mil.

61

18%

$1 mil. – $1.5 mil.

31

23%

$1.5 mil. & Up

25

4%

For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is my pleasure to be of service.

Marin County Real Estate (June 2008)

June 13, 2008

Marin County, California, was the ONLY county in the entire Bay Area to have a year-over-year increase in median price last month (prices were up 5.8%) according to DataQuick which surveys all recorded sales. The numbers for the HWY 101 corridor covered by this update are pretty amazing–the average price for single family homes sold in May 2008 was $1.493 million and if you exclude Novato that number increases to $1.647 million. We currently have 815 active listings (down from 881 in May 2008). This time of year historically sees an up-tick in listings as families leave town for vacations, etc. Yet, buyers are visiting open houses in droves. Reports of multiple offers continue.

[ … click here for the complete report courtesy of NorthBayRE.com].

Marin Luxury Homes (June 2008)

June 11, 2008

Marin County’s $2 million to $4 million luxury home market saw a slight rise in the number of homes for sale this past month with 127 active listings, compared to 124 homes last month. This mild rise in inventory was accompanied by a strong month of sales–25 homes sold (the same number of luxury homes closed in April 2008). Worth noting here is the fact that although the number of non-luxury homes sold this year compared to last year is down significantly (e.g., about 20%), the luxury market has NOT experienced a similar decline. Great news for owners of luxury homes in Marin.

Mill Valley accounted for the greatest number of luxury home sales with 6. Sausalito, Tiburon, Kentfield, and Ross had 3 sales each, Belvedere and Larkspur had 2, and Corte Madera, Greenbrae, and San Anselmo had a 1 sale each. The average days on market for homes that sold was a mere 67 days and the average sales price was just over $2.8 million (roughly $821/per sq. ft.), with an average of 3,461 square feet.

The inventory level in Marin County’s ultra-luxury market (homes priced in the $4 million and up range) also rose–to 46 active listings, compared with 44 last month. 

[ … click here for the complete report courtesy of NorthBayRE.com].