Pacific Union International | Novato Real Estate Market Update (July 2015 Novato Home Sales Report)
July 1, 2015
Pacific Union International | Novato Real Estate Market Update (July 2015 Novato Home Sales Report). Novato home sales numbers in June 2015 were very strong despite the continuing spate of relatively low inventory (there is massive unmet demand right now, as discussed below) — 59 single family homes sold at an average price per foot of $416. Indeed, the first half of 2015 has proven to be extremely favorable to sellers as buyers continue to act very decisively on properties located in desirable neighborhoods. Although anecdotal evidence reflects a slow down in the market over the past several weeks during the onset of Summer, sales velocity and impactful contractual terms continue (e.g., short closing periods, quick contingency periods (and increasing numbers of non-contingent contracts), and free or reduced amount rent backs to sellers). The Novato luxury home market continues its strong performance (in Novato, $1 million+ homes fall into this category) as buyers who explore Novato after looking at homes in Southern Marin often feel the extra 10 minute drive from Sir Francis Drake is worth it. We also continue to see numerous sales conducted privately, outside of the MLS. Many savvy sellers (those with trustworthy agents) and buyers are relying on agents with networking connections (Top Agent Network and Marin Platinum Group) to find and sell homes in an effort to avoid the formal sales process which involves open houses, showings, and other inconveniences. I estimate that about 10-20% of homes being sold without ever hitting the market via the two largest agent networking groups in Marin County (Top Agent Network (Top 10% of agents) and Marin Platinum Group (Top 100 agents)). Indeed, I have sold 5 homes privately so far this year.
The average sale price for Novato homes in June 2015 was $907K. Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 15 MLS sales (as discussed above, this does not include off-market networking trades). I have said it before and still believe it to be true, in many ways, Novato is Marin County’s hottest market in 2015.
Overall, Novato real estate sales in June 2015 averaged 49 days on market, were about 2,269 sq. ft., and averaged roughly $416/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. While there are more homes available now than a month ago, this remains tight market characterized by low absorption rates — 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):
■ 54% of homes priced under $750,000;
■ 49% of homes between $751,000 and $1 million;
■ 30% of homes between $1 million and up.
Of the 59 Novato, CA homes that sold in June 2015:
■ 25 homes sold under $750,000;
■ 19 homes sold from $751,00 to $1 million; and
■ 15 homes sold for $1 million and up.
Single family homes in Rudnick Estates (Novato’s finest new home development), Pointe Marin, Marin Country Club Estates, Rush Creek, Hamilton Field, and Bel Marin Keys elicited the highest numbers of 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.
Note: I specialize in off-market sales of luxury homes in Marin County . If you appreciate discretion and want the BEST result, call me to discuss your situation.
