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

March 21, 2013

Pacific Union International | Novato Real Estate Market Update (March 2013 | Novato Home Sales Report). As we approach the end of Q1 2013, it is crystal clear that Novato’s real estate market is quickly improving (at least from a seller’s standpoint). There is no doubt that our real estate market recovery is real. 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 continuing advice to sellers remains — “Get your home out there!” CALL ME if you are thinking of selling. My systems can get you on market quickly with the very best marketing available.

Despite the short month, February 2013 sales numbers for Novato, CA were strong — real estate sales in Novato totaled 23 trades. We continue to starve for inventory. Due to the factors noted above and the lack of inventory, buyer urgency is as high as I have ever seen. Buyers are making very strong offers with lightning speed (sometimes without inspection contingencies) on nearly all fairly priced homes. The average sale price for Novato homes that sold in February 2013 was $640K. Novato is now also seeing increased sales over $1 million (there are currently 37% of $1 million homes in escrow).

February’s Novato real estate sales averaged 69 days on market, were about 2,175 sq. ft., and averaged roughly $299/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 (as of this writing, a mere 38 single family homes are actively for sale in Novato — and many 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 66% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■62% of homes priced under $500,000;
■86% of homes between $501,000 and $750,000;
■66% of homes between $751,000 and $1 million;
■37% of homes between $1 million and up.

Of the 23 homes that sold in February 2013:
■5 homes were priced under $500,000;
■18 homes priced from $501,00 to $1 million; and
■0 homes priced from $1 million and up.

Homes in Hamilton Field, Breakers at Pointe Marin, Marin Country Club Estates, 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.