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

July 2, 2012 by  

Despite the ongoing trend of historically low inventory, May 2012 was another gangbuster month for Novato, CA real estate sales (we had 54 trades — one less than the amazing April 2012 number). Buyers, obviously, remain engaged in the market. And they are moving very quickly on well-priced and/or unique real estate opportunities. The average sale price was $634K in May 2012 – significantly higher than the previous month (this is due to a couple of large sales — more on that below).
NOTE: In May 2012, 12 homes sold for $750K or more in Novato. Five of those 12 homes were listed and sold by me. This includes one of Novato’s only $2 million sales in the last several years. If you are thinking of selling your luxury Novato home, please call me as I specialize in this market segment.
May’s Novato real estate sales averaged 83 days on market, were about 2,171 sq. ft., and averaged roughly $303 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 be extremely low with just under 2 months’ worth of available inventory overall (a mere 100 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 — 77% of these homes are in escrow — it was 76% last month). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 51% of homes are in escrow.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
■77% of homes priced under $500,000;
■51% of homes between $501,000 and $750,000;
■36% of homes between $751,000 and $1 million;
■27% of homes between $1 million and up.
Of the 54 homes that sold in May 2012:
■16 homes were priced under $500,000;
■34 homes priced from $501,00 to $1 million; and
■4 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. We are SOLD OUT of current inventory (although we do have a model home priced at $840K), but will have three unsold homes available in September (we are currently building seven homes, but four of those are SOLD). Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.

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