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

July 28, 2013

Pacific Union International | Novato Real Estate Market Update (July 2013 Novato Home Sales Report). June 2013 sales figures for Novato, CA remain very strong — Novato had 43 single family homes sell. Due to the factors noted above, buyer urgency remains high. Buyers are making very strong offers with lightning speed (sometimes without inspection contingencies) on all fairly priced homes (especially those under $1 million, unique estate homes, and/or those located in Pointe Marin or Marin Country Club Estates). The average sale price for Novato homes that sold in June 2013 was $821K. Novato continues to experience strong activity on listings over $1 million (29% of $1 million+ homes are in escrow — e.g., 11 such homes are in escrow).

Novato real estate sales in June averaged 69 days on market, were about 2,554 sq. ft., and averaged roughly $336/sq. ft. (note: this is up from $285/ft a year ago). Novato’s overall absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low — it is hovering at just under 2 months (79 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:
■75% of homes priced under $500,000;
■50% of homes between $501,000 and $750,000;
■59% of homes between $751,000 and $1 million;
■29% of homes between $1 million and up.

Of the 71 homes that sold in June 2013:
■2 homes were priced under $500,000;
■34 homes priced from $501,00 to $1 million; and
■7 homes priced from $1 million and up.

Homes in Greenpoint, 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.