Pacific Union International | Novato Real Estate Market Update (March 2012 Novato Home Sales Report)

March 10, 2012 by  

February 2012 exceeded all expectations in terms of Novato, CA real estate sales (we had 26 trades — these homes went into escrow in December 2011 or January 2012, which is normally the Horse Latitudes of real estate activity). This year’s unseasonably warm weather and lack of rain (along with some of the best buying conditions on record) has continued to keep buyers engaged. As has been the case for the past quarter, buyers continue to move very quickly on well-priced and/or unique real estate opportunities. As with other Marin towns along the HWY 101 corridor, the average sales price of Novato homes has swung wildly this year from month to month. For example, the average sale price in June was $626K in October, $530K in September, and $584K in February 2012.

February’s trades averaged 147 days on market, were about 2,229 sq. ft., and averaged roughly $257 sq. ft. Novato’s  absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) continues to hover in historically low territory with a  low 3.24 months’ worth of available inventory overall (a mere 84 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $500K — 72% of these homes are in escrow. Inventory remains very tight with the absorption rate remaining at less than 2 month’s worth of inventory. It is a shockingly strong sellers’ market at that price point. It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 55% of homes are in escrow.

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

■72% of homes priced under $500,000;
■55% of homes between $501,000 and $750,000;
■29% of homes between $751,000 and $1 million;
■29% of homes between $1 million and up.

Of the 26 homes that sold in February 2012:

■12 homes were priced under $500,000;
■13 homes priced from $501,00 to $1 million; and
■1 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Marin Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. 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 J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

The Landing at Hamilton Field — NEW CONSTRUCTION. Prices start in the mid – $700′s. With several recent closings, we only have two more new homes currently available. Please call me at                        (415) 350-9440             for more information. Or visit our website at www.TheLandingNovato.com.

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