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

April 19, 2014

Pacific Union International | Novato Real Estate Market Update (April 2014 Novato Home Sales Report). Novato, CA., experienced 39 single family home sales in March 2014. Given the incredibly low level of inventory, this is a very strong number (I will address the absorption rate below). Buyers continue to snap up desirable homes with very strong terms. Offers on well priced homes are made quickly and decisively. The average sale price was $737K in in March 2014. Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 4 sales. Currently, there are 18 homes in Novato under contract with a list price over $1 million (56% of such homes are in escrow).

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 March 2014 averaged 66 days on market, were about 2,061 sq. ft., and averaged roughly $375/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is a scantly over 1-month’s worth of inventory (indeed, of the 51 single family homes actively for sale in Novato, roughly 1/2 of them came to market in the past 10 days). Indeed, this is 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:
■ 67% of homes priced under $500,000;
■ 73% of homes between $501,000 and $750,000;
■ 39% of homes between $751,000 and $1 million;
■ 56% of homes between $1 million and up.

Of the 27 homes that sold in March 2014:
■ 2 homes sold under $500,000;
■ 33 homes sold from $501,00 to $1 million; and
■ 4 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.