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

May 24, 2013

Pacific Union International | Novato Real Estate Market Update (May 2013 Novato Home Sales Report). The incredible year continues for Novato’s real estate market. Continuing low inventory (especially in the lower price points), still low interest rates, and pent up buyer demand are propelling 2013 into sales prices not seen for 5 years. Indeed, “ready, able, and willing” buyers are acting quickly. Inventory remains extremely tight in the sub – $2 million price range. Even the $2 million+ price point has seen significant activity over the past 3 months as affluent buyers are returning to Novato to capture value and lifestyles unobtainable elsewhere in Marin County. Anecdotally, I am seeing many new faces exploring the possibilities found in Novato. Many of these buyers are simply seeking lifestyle value and finding Novato is a great fit.

My continuing advice to sellers remains — “If you want to sell in 2013, 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. And my negotiating skills will get you top dollar.

April 2013 sales figures for Novato, CA continue to impress — Novato had 39 single family homes sell. 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 (especially those under $1 million or located in Pointe Marin or Marin Country Club Estates). The average sale price for Novato homes that sold in April 2013 was $670K. Novato is now also seeing strong activity on listings over $1 million (36% of $1 million+ homes are in escrow).

Novato real estate sales in April averaged a mere 48 days on market, were about 2,138 sq. ft., and averaged roughly $331/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low despite a large number of homes coming to market in the past 7-days — it is hovering at just under 2 months (61 single family homes are actively for sale in Novato).

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■82% of homes priced under $500,000;
■54% of homes between $501,000 and $750,000;
■43% of homes between $751,000 and $1 million;
■36% of homes between $1 million and up.

Of the 39 homes that sold in April 2013:
■7 homes were priced under $500,000;
■29 homes priced from $501,00 to $1 million; and
■3 homes priced from $1 million and up.

Homes in Hamilton Field, 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.