Pacific Union International | Novato Real Estate Market Update (February 2014 Novato Home Sales Report)

February 5, 2014

Pacific Union International | Novato Real Estate Market Update (February 2014 Novato Home Sales Report). The number of trades in Novato, CA in January 2014 was essentially unchanged from a year ago — there were 28 single family home sales. This is impressive, considering that these sales were primarily initiated in December (traditionally, the very slowest month of the year for real estate activity). The strong sales figures are also impressive because we are in the midst of 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 $728K in in January 2014 (up from $665K in January of 2013). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 5 sales.

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.

Novato real estate sales in January 2014 averaged 90 days on market, were about 2,322 sq. ft., and averaged roughly $330/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 improving with just under 2-month’s worth of inventory (however, of the 50 single family homes actively for sale in Novato, 16 of them came to market in the past 7 days). This remains a very 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:
■ 50% of homes priced under $500,000;
■ 58% of homes between $501,000 and $750,000;
■ 45% of homes between $751,000 and $1 million;
■ 26% of homes between $1 million and up.

Of the 50 homes that sold in January 2014:
■ 5 homes sold under $500,000;
■ 18 homes sold from $501,00 to $1 million; and
■ 5 homes sold for $1 million and up.

Single family 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.