Novato Real Estate Market Update (May 2010 Home Sales Report)

May 14, 2010

The Novato, California real estate market continues to exhibit strength across nearly all price bands (not so for homes priced above $1.5 million). April 2010 saw 24 sales (same as February 2010). The average sales price of Novato homes in April 2010 rose over 3% to to $656,699. These homes averaged 93 days on market, were about 2,291 sq. ft., and averaged roughly $294 sq. ft.

Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady. This is good news for those waiting to buy.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

  • 56% of homes priced under $500,000;
  • 46% of homes between $501,000 and $600,000;
  • 54% of homes between $601,000 and $750,000;
  • 34% of homes between $751,000 and $1 million;
  • 16% of homes between $1 million and $1.5 million;
  • 15% of homes between $1.5 million and up.

Of the Novato homes that sold in April 2009:

  • 9 homes were priced under $600,000;
  • 14 homes priced from $601,00 to $1 million; and
  • 1 priced from $1 million and up.

NEW HOMES: The 3 Model Homes being built at The Landing at Hamilton Field (I am the exclusive marketing agent for this project), located adjacent to South Gate, will be open in less than 60 days (Summer 2010). We expect that the first homes will be ready for occupancy in August 2010. Pricing will begin in the mid-$800,000’s. Interest surrounding this new luxury community has been significant. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.

Again, if you would like me to run the exact numbers for your Novato neighborhood or if you have any questions about Novato’s many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.

Postscript: Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My listing at 94 Maybeck Street, Novato (South Gate at Hamilton Field) sold for 98.7% of list price in 10 days.