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

February 14, 2013 by  

Pacific Union International | Novato Real Estate Market Update (February 2013 | Novato Home Sales Report). Novato’s real estate market in 2013 is providing a compelling example of how real estate market recoveries progress. As I noted begining in December 2011, when I first saw signs that buyer sentiment and market health began to change for the better, it is clear that things have changed since the bottom was reached in the Marin County real estate market. There is no doubt that the combination of incredibly low inventory, historically low interest rates, a growing pool of “ready, able, and willing” buyers, are making for an unprecedented Novato home sales. The sales numbers relative to standing inventory remain impressive.

My advice to sellers remains the same — “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.

January 2013 sales numbers for Novato, CA are impressive, especially considering that there sales were primarily initiated in December (traditionally, the very slowest month of the year for real estate activity). With 29 trades, January 2013 resulted in nearly a record number of sales despite the most inventory-starved environment I have ever seen. Buyers are making very strong offers with lightning speed on well-priced and/or unique and/or solid upside investment opportunities. The average sale price was $665K in in January 2013. Consistent with a trend beginning in the middle of 2012, Novato is now seeing increased sales over $750K. This includes two sales of $1 million+ homes.

January’s Novato real estate sales averaged 99 days on market, were about 2,323 sq. ft., and averaged roughly $300/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) remains whisper-thin at well under 1 month (a mere 52 single family homes are actively for sale in Novato — and 14 of those came on the market in the last 7 days). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 63% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■74% of homes priced under $500,000;
■59% of homes between $501,000 and $750,000;
■61% of homes between $751,000 and $1 million;
■0% of homes between $1 million and up.

Of the 29 homes that sold in January 2013:
■5 homes were priced under $500,000;
■22 homes priced from $501,00 to $1 million; and
■2 homes priced from $1 million and up.

Homes in 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 schools or 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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