Pacific Union International | Novato Real Estate Market Update (January 2013 Novato Home Sales Report)

January 3, 2013 by  

Pacific Union International | Novato Real Estate Market Update (January 2013 | Novato Home Sales Report). The development of 2013 Marin real estate trends promise to provide an interesting story line in coming months. As has been noted ad nauseum over the past 6 months, incredibly low inventory, historically low interest rates, a growing pool of “ready, able, and willing” buyers, are combining to make for an unprecedented Novato real estate market. The sales numbers relative to inventory are truly unheard of. My advice to sellers this year is — “Get your house on the market immediately!” CALL ME if you are thinking of selling. My systems can get you on market quickly with the very best marketing available.

December 2012 sales numbers for Novato, CA are wildly impressive. With 41 trades, this past December had nearly record number sales in the most inventory constrained environment imaginable. Buyers are making very strong offers in lightning speed on well-priced and/or unique real estate opportunities. The average sale price was $633K in December 2012. While down from October, average prices continue 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, December 2012 sales included 11 homes over $750K (of these, just one sold for over $1 million — this lone $1 million+ sale was one of my listings in the Country Club neighborhood and, I believe, resulted in the highest price per foot sale in Novato for three years).

December’s Novato real estate sales averaged 103 days on market, were about 2,200 sq. ft., and averaged roughly $305 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is a whisper thin .85 months’ worth of available inventory overall (a mere 35 single family homes are actively for sale in Novato). I have never seen so low an absorption rate for an entire city!

The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $500K — 87% of these homes are in escrow — it has been over 75% for months). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 61% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■87% of homes priced under $500,000;
■61% of homes between $501,000 and $750,000;
■74% of homes between $751,000 and $1 million;
■13% of homes between $1 million and up.

Of the 41 homes that sold in December 2012:
■14 homes were priced under $500,000;
■26 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 high – $700′s. Although all homes are currently SOLD, several have yet to close escrow. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.

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