Pacific Union International | Novato Real Estate Market Update (January 2015 Novato Home Sales Report)
January 11, 2015
Pacific Union International | Novato Real Estate Market Update (January 2015 Novato Home Sales Report). Novato sales numbers in December 2014 were surprisingly strong considering the low number of homes for sale and the seasonal slowdown related to the holidays — 30 single family homes sold. While Novato housing market sales numbers have unquestionably softened during the second half of 2014 (the first 6 months of 2014 were very strong), buyers continue to act very decisively on many properties located in desirable neighborhoods. Of course, as always in Novato, buyers remain very price sensitive and only homes that are priced appropriately tend to sell quickly and for premiums (as we all know, overpricing a home results in sale prices below that which you would have obtained if priced correctly at the outset). Indeed, very strong contractual terms, such as short closes under 21 days, minimal investigation periods of 7 days, and discounted rent backs to sellers are becoming more common across all price points. Generally, the Novato luxury home market segment is performing well (in Novato, $1 million+ homes fall into this category). The apparent glut of active listings in this price point at the end of the year has diminshed (due to the seasonal slowdown) such that there are currently just 11 homes over $1 million actively being marketed on the MLS — of course, many of these homes are simply overpriced. Anecdotally, I am also aware of several such homes being sold off market. Such sales are not reflected in the MLS.
The average sale price for Novato homes in December 2014 was $799K. Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 3 MLS sales.
Note: I specialize in off-market sales of lucury homes in Marin County (there are many reasons why sellers may prefer to sell in this fashion). If you appreciate discretion and top-flight results, call me to discuss your situation. My systems have proven successful over and over again.
Overall, Novato real estate sales in December 2014 averaged 65 days on market, were about 2,213 sq. ft., and averaged roughly $380/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is just over 1 month. This is an extraordinarily low absorption rate due to the scarcity of available homes — balanced markets have 6 months worth of inventory.
Below are the percentages of homes in escrow in each of Novato’s major price bands (note that due to increasing sales prices, I have eliminated the “under $500,000” price band as few homes are sold for less than that amount):
■ 61% of homes priced under $750,000;
■ 29% of homes between $751,000 and $1 million;
■ 52% of homes between $1 million and up.
Of the 49 homes that sold in December 2014:
■ 17 homes sold under $750,000;
■ 10 homes sold from $751,00 to $1 million; and
■ 3 homes sold for $1 million and up.
Single family homes in Rudnick Estates (Novato’s finest new home development), 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.
