Pacific Union Novato Real Estate Market Update (August 2010 Novato Home Sales Report)

The Novato, California real estate market continues its solid year. We had 33 trades last month. What is impressive is the fact that average sales prices are up and average price per square foot are up. The average sales price of Novato homes in July 2010 was $692,508 (up from $644,778 the month before). These homes averaged 106 days on market, were about 2,052 sq. ft., and averaged $320 per square foot (up from $306 sq. ft. in June 2010).

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, particularly in the entry level and move-up price bands. This is good news for buyers and sellers alike. Moreover, historically low interest rates, currently hovering around 4.5%, are giving buyers adequate impetus to make their move.

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

• 65% of homes priced under $500,000;
• 40% of homes between $501,000 and $600,000;
• 26% of homes between $601,000 and $750,000;
• 26% of homes between $751,000 and $1 million;
• 16% of homes between $1 million and $1.5 million;
• 20% of homes between $1.5 million and up.

Of the Novato homes that sold in July 2009:

• 17 homes sold under $600,000;
• 16 homes sold between $601,00 to $1 million (the Novato move-up market is hot); and
• 6 sold for at least $1 million.

NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. We expect that the first homes will be ready for occupancy in October/November 2010.

Pricing begins in the mid-$800,000’s. Interest surrounding this new Southern Novato community has been significant. Please call me at (415) 350-9440 for more information. Or, visit our website at www.TheLandingNovato.com.

If you would like to have the value of your Novato home professionally evaluated, 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 | 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.