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

November 18, 2012

Pacific Union International | Novato Real Estate Market Update (November 2012 | Novato Home Sales Report). Incredibly low inventory, historically low interest rates, a growing pool of “ready, able, and willing” buyers, are combining to make 2012 a pivotal year for Novato real estate. While the jury is out as to where the economy is heading with the looming fiscal cliff and worldwide debt crisis, there is growing perception among buyers (note: perception is reality in real estate), that the time to buy is NOW.

October 2012 sales numbers for Novato, CA continue to impress (we had 56 trades — the most since 2005). Buyers are moving very quickly on well-priced and/or unique real estate opportunities. The average sale price was $675K in October 2012 and continues to creep higher if examined a 90-day rolling basis (month to month fluctuations are of little analytic benefit as the composition of closed sales is erratic). Importantly, October 2012 sales included 15 homes which sold for $750K or more in Novato (of these, 4 were over $1 million and another 3 homes are currently in escrow).

October’s Novato real estate sales averaged 100 days on market, were about 2,426 sq. ft., and averaged roughly $293 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is extremely low with just over 1 months’ worth of available inventory overall (a mere 65 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 — 84% of these homes are in escrow — it has been over 70% for months). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 54% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■84% of homes priced under $500,000;
■54% of homes between $501,000 and $750,000;
■55% of homes between $751,000 and $1 million;
■25% of homes between $1 million and up.

Of the 54 homes that sold in October 2012:
■12 homes were priced under $500,000;
■38 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 have just one home left (5 beds, 3 baths, 3,071 square feet) priced at $920K. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.