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

March 23, 2014

Pacific Union International | Novato Real Estate Market Update (March 2014 Novato Home Sales Report). During the short month of February 2014, Novato, CA home sales totaled 27. This is a fairly strong, considering that these sales were primarily initiated in January (traditionally, one of the slower months of the year for real estate activity in Marin County). Buyers continue to actively pursue desirable homes with very strong offers made quickly and decisively. The average sale price was $755K in in February 2014 (up from $728K in January 2014). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 6 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 February 2014 averaged 85 days on market, were about 2,180 sq. ft., and averaged roughly $355/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is improving with just over 2-month’s worth of inventory (however, of the 59 single family homes actively for sale in Novato, roughly 1/2 of them came to market in the past 7 days). Indeed, this remains a very low absorption rate — balanced markets have 6 months worth of inventory — with very high buyer demand especially at prices at or below $850K.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■ 66% of homes priced under $500,000;
■ 62% of homes between $501,000 and $750,000;
■ 49% of homes between $751,000 and $1 million;
■ 35% of homes between $1 million and up.

Of the 27 homes that sold in February 2014:
■ 3 homes sold under $500,000;
■ 18 homes sold from $501,00 to $1 million; and
■ 6 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.