Pacific Union Novato Real Estate Market Update (October 2010)

October 26, 2010

As we settle into Autumn, Novato’s real estate market remains the model of consistency. While buyers continue to question pricing in Southern Marin and cite uncertainty as their primary concern, many are shifting their focus and stepping forward into the Novato market, confident that prices have leveled. For example, in the primary move up market (consisting of homes priced between $800,000 and $1 million, with at least 2,500 square feet and 4 beds and 3 baths) prices are UP 3% over last year. Moreover, Novato’s price per square foot has hovered within 3% of $310 for several months now. Also, prices are also holding steady in several of Novato’s higher-end neighborhoods. In comparison with the rest of Marin, this stability engenders confidence.

This is good news for buyers and sellers alike, as are the current historically low interest rates which continue hovering around 4.5%. Many buyers also cite the fact that in Novato you simply get much more bang for the buck. Indeed, lower inventory in the move-up price band is evident as buyers snap up available inventory.

We again had 33 trades last month and average sales prices and average price per square foot figures remained nearly unchanged from the past three months. The average sales price of Novato homes in September 2010 was $659,121. These homes averaged 105 days on market, were about 2,172 sq. ft., and sold for about $307 per square foot.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
  • 49% of homes priced under $500,000;
  • 35% of homes between $501,000 and $600,000;
  • 31% of homes between $601,000 and $750,000;
  • 21% of homes between $751,000 and $1 million;
  • 30% of homes between $1 million and $1.5 million;
  • 7% of homes between $1.5 million and up.

Of the Novato homes that sold in September 2010:

  • 17 homes sold under $600,000;
  • 12 homes sold between $601,00 to $1 million; and
  • 4 homes sold for over $1 million.

NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. The first homes will be ready for occupancy in December 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 J.D., 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.