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

September 27, 2013 by  

Pacific Union International | Novato Real Estate Market Update (September 2013 Novato Home Sales Report). Sales results for August 2013 in Novato, CA were staggering, especially since August is typically a very slow month for sales because people are busy vacationing. Fifty-nine single family homes sold in the town of Novato last month (compared with 46 in July 2013). While interest rates had popped up a point in May and June, buyer urgency remained high and buyers continued to write great offers with lightning speed (sometimes without inspection contingencies) on all virtually all fairly priced homes under $1 million and for unique estate homes in Marin Country Club Estates. The average sale price for Novato homes that sold in August 2013 was $781K (over $50K higher than July 2013). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 12 sales.

Major Price Adjustment Alert — 8 Marblehead Lane (located in Hamilton Field), 4 Beds, 4.5 Baths, 3,169 square feet. Extraordinary upgrades, formal dining room, wine cellar with climate control, and more.

Call Kyle quickly as this one will not last.

Novato real estate sales in August averaged 55 days on market, were about 2,307 sq. ft., and averaged roughly $356/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 around 1 month (64 single family homes are actively for sale in Novato). This is an incredibly low absorption rate — balanced markets have 6 months worth of inventory.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■71% of homes priced under $500,000;
■59% of homes between $501,000 and $750,000;
■54% of homes between $751,000 and $1 million;
■28% of homes between $1 million and up.

Of the 59 homes that sold in August 2013:
■7 homes were priced under $500,000;
■40 homes priced from $501,00 to $1 million; and
■12 homes priced from $1 million and up.

Homes in San Marin, 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.

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