Novato Real Estate Market Update (February 2011 Novato Home Sales Report)
February 11, 2011
January 2011 was another good month for Novato home sales (we had 22 trades). Typically, January sales are quite low as people focus on the Holidays during December. The average sales price of Novato homes in January 2011 was $525K. These homes averaged 100 days on market, were about 2,051 sq. ft., and averaged roughly $267 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) sits at just under 5 months’ worth of available inventory overall (104 single family homes are currently for sale in Novato). This is a low number. Of note is the fact that 49% of all Novato homes priced under $1 million are IN ESCROW!
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 51% of homes priced under $500,000;
- 50% of homes between $501,000 and $750,000;
- 38% of homes between $751,000 and $1 million;
- 29% of homes between $1 million and up.
Of the homes that sold in December 2010:
- 11 homes were priced under $500,000;
- 11 homes priced from $601,00 to $1 million; and
- 0 homes priced from $1 million and up.
Homes in Hamilton Field, Breakers at Pointe Marin, Country Club, 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 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.
The Landing at Hamilton Field — We have just reduced prices on our favorite homes and placed our 3 model homes on the market. Prices now start at $809,000. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com
Marin Luxury Report (January 2011)
January 5, 2011
Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (January 2011) — With 6 trades in December 2010, the luxury property real estate market in Marin County (properties and estates over $2 million) experienced one of its slowest months. This, despite the fact most economists and consumers feel that that the overall economic and housing environments are improving. Indeed, for real buyers there are extraordinary opportunities available right now. Pricing in the marketplace (especially for homes that have remained on the market through the Winter months) is softer than ever and “value” is evident in the luxury segment. In line with normal seasonal adjustments, the inventory of luxury homes for sale is very low.
Cities recording luxury home sales between $2 million and $4 million in December 2010 included: Belvedere (2), Sausalito (1), and Ross (1). These homes averaged 190 days on market. Their average sales price was $2.963 million (roughly $835 per square foot), with an average of 3,559 square feet.
Marin County’s ultra-luxury market (homes priced in the $4 million and up range) accounted for two sales last month, which averaged 233 days on market. Their average sales price was $9.125 million (roughly $1,958 per square foot), with an average of 6,000 square feet.
Note: As a member of the Marin Platinum Group, I have access to a database with several dozen luxury homes not currently on the MLS, but discretely offered for sale off-market. Please contact me regarding your specific desires.
By: Kyle Frazier, Certified Luxury Home Marketing Marketing Specialist (CLHMS), Certified Residential Specialist (CRS), Broker Associate, Realtor | Christie’s Great Estates — Christie’s Great Estates. Call Kyle Frazier at 415/350-9440 for more luxury home market information in Marin County, California (the San Francisco Bay Area’s “North Bay”).
Marin Luxury Report (November 2010)
January 5, 2011
Pacific Union Int’l – Christie’s Great Estates | Marin County, CA Luxury Home Sales (November 2010) — With 13 trades again in October 2010 (same as the prior month), the luxury property real estate market in Marin County (properties and estates over $2 million) continues to perform in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, real buyers are making legitimate offers. Pricing in the marketplace certainly suggests “value.” In line with normal seasonal adjustments, the inventory of luxury homes for sale is down (we currently have 149 luxury homes on the market).
Cities recording luxury home sales between $2 million and $4 million in October 2010 included: Tiburon (4), Belvedere (2), Corte Madera (1), Sausalito (1), and San Anselmo (1). These homes averaged 141 days on market. Their average sales price was $2.459 million (roughly $557 per square foot), with an average of 2,459 square feet.
[Click here for the rest of the report courtesy of www.ImagineMarin.com]
Marin Real Estate (January 2011)
January 5, 2011
Welcome 2011! Over the past two days, the stock market has set two year highs on consecutive days (remember the 2008 meltdown?), a headline on CNN Money was “A Hiring Boom in 2011. Really!” and domestic automotive sales were up significantly last month and in the final quarter of 2010. If this all does not sound like recovery and renewed optimism, I don’t know what to think. While the historically low interest rates of October and November 2010 are likely gone for good, rates are still unbelievably low and overall affordability is at its best levels ever recorded.
Hint: time to buy a house if that is in your plans.
As with every year, January brings with it lower residential real estate inventory levels in Marin County, California. There are currently 524 active listings as this time of year is historically slow for home sales — everybody is recuperating from the holiday season and beginning to finalize plans for the coming year. Spring is around the corner and activity is already high at our new home development in Novato.
Click HERE for the rest of the report, courtesy of NorthBayRE.com
Novato Real Estate Market Update (January 2011 Novato Home Sales Report)
January 4, 2011
Happy New Year! As I write this real estate report, the stock market is at its highest level since the 2008 meltdown began and up 125 points on the first day of trading in 2011 and the headline on CNN Money is “A Hiring Boom in 2011. Really.” Despite historically low interest rates and overall affordability at its best levels recorded, the overall Marin market was down in terms of sales numbers in 2010. Yet, in December 2010, the Novato, California real estate market continued to show very real strength across all price bands, except for homes priced above $1.5 million. This strength was consistent with the rest of the year’s results.
December 2010 was HOT with 41 home sales. In fact, it was hotter than December 2007 (with 26 sales — Note: click HERE for article dating back to January 2008 “Novato Named “Best Affordable” Town by Business News Magazine”) and December 2008 (35 sales) and about even December 2009 (42 sales). The average sales price of Novato homes in December 2010 was $570,724. These homes averaged 111 days on market, were about 2,078sq. ft., and averaged roughly $283 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) sits at 2.4 months’ worth of available inventory overall (99 single family homes are currently for sale in Novato). This is an extraordinarily low number and will rise as sellers begin putting their homes on the market in coming months.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 55% of homes priced under $500,000;
- 54% of homes between $501,000 and $600,000;
- 37% of homes between $601,000 and $750,000;
- 19% of homes between $751,000 and $1 million;
- 27% of homes between $1 million and $1.5 million;
- 11% of homes between $1.5 million and up.
Of the homes that sold in December 2010:
- 25 homes were priced under $600,000;
- 15 homes priced from $601,00 to $1 million; and
- 1 home priced from $1 million and up.
Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My new home listing at 10 Audubon Way (in The Landing at Hamilton) closed escrow at the end of the month for $957K (about 3.5% above asking price). If you would like me to run the exact numbers for your Novato neighborhood or if you have any questions about Novato’s 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.
The Landing at Hamilton Field had its first sale last month (the sale was consumated upon completion of the home). We have another 4 homes that should be ready for occupancy by the end of January or early February 2011. Pricing starts in the mid-$800,000’s. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com
Novato Real Estate Market Update (November 2010)
November 20, 2010
Even through the suppressed months of sales experienced through most of Marin County, California (from May through October, sales were down county-wide as the stock market fell), Novato’s real estate market continues showing resilience and strength. Indeed, buyers continue questioning pricing in Southern Marin, especially at the high end. Meanwhile, many are looking North (Novato is just 16 miles North of the Golden Gate Bridge) and stepping fearlessly into the Novato homes market. They can confidently do this because Novato’s bottom has formed and pricing reflects unquestionable value.
What You Get Comparison (Novato v. Mill Valley) — Based on last month’s average sales price in Mill Valley, buyers with a $997K budget got a 2,065 square foot house (likely built 50 or 60 years ago and located in a flood zone, the hills, or a choppy neighborhood).
In Novato, buyers with a $997K budget can buy a brand new home (at The Landing, for example) with 5 Beds, 3 Baths, 3,073 square feet, in the flats (not a flood zone), with a pool and park across the street, within a 2-minute walk of YMCA and 3-minute walk to the Library, and access to the Bay Trail. All this is a mere 12 or 13 minutes up HWY 101. Take into account the time it takes to drive surface streets into Mill Valley, any time factor related to the commute into The City can be a wash.
Decision – You be the Judge. Many buyers believe that Novato provides much more bang for their hard earned buck.
We had 30 trades last month. The average sales price of Novato homes in October 2010 was up to $678,943. These homes averaged 91 days on market, were about 2,448 sq. ft., and sold for about $286 per square foot.
- 48% of homes priced under $500,000;
- 44% of homes between $501,000 and $600,000;
- 37% of homes between $601,000 and $750,000;
- 18% of homes between $751,000 and $1 million;
- 27% of homes between $1 million and $1.5 million;
- 6% of homes between $1.5 million and up.
Of the Novato homes that sold in October 2010:
- 11 homes sold under $600,000;
- 15 homes sold between $601,00 to $1 million; and
- 3 homes sold for over $1 million.
NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. The first homes will be ready for occupancy in December 2010. Buyers get to choose countertops (granite is standard) and flooring.
Pricing begins in the mid-$800,000’s. Interest surrounding this new Southern Novato community has been significant. Please call me at (415) 350-9440 for more information. Or, visit our website at www.TheLandingNovato.com.
If you would like to have the value of your Novato home professionally evaluated, or if you have any questions about Novato’s 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. It is always my pleasure to be of service.
Marin Real Estate (October 2010)
November 12, 2010
Overall in Marin County, the bottom for pricing seems to have formed. The average price of a Marin County single family home has once again surpassed $1 million. In addition, for the seventh consecutive quarter (since Q1 ‘09) both the average and median price of a single family home has experienced modest appreciation.
Possibly the most interesting phenomenon is this modest price appreciation (2% per annum) occurring in a market of significantly lower units closed. The number of homes sold in third quarter ‘10 under $1 million fell -16% from the same period a year ago. The number of homes sold over $1 million fell -3% from the same period last year after a -36% drop from Q3 ‘08 to Q3 ‘09. What this tells us is that while the number of sales has slowed dramatically in the past two years, prices have now firmed and we have caught a glimpse of the bottom.
Buyers continue to be cautious and generally only take action on well maintained, well priced homes. Sellers’ pricing of their homes remains critical as buyers feel most comfortable when the list price is within 3% – 5% of fair market value.
[Click here for the rest of the article, courtesy of www.NorthBayRE.com]
Marin Real Estate (October 2010)
November 12, 2010
Overall in Marin County, the bottom for pricing seems to have formed. The average price of a Marin County single family home has once again surpassed $1 million. In addition, for the seventh consecutive quarter (since Q1 ‘09) both the average and median price of a single family home has experienced modest appreciation.
Possibly the most interesting phenomenon is this modest price appreciation (2% per annum) occurring in a market of significantly lower units closed. The number of homes sold in third quarter ‘10 under $1 million fell -16% from the same period a year ago. The number of homes sold over $1 million fell -3% from the same period last year after a -36% drop from Q3 ‘08 to Q3 ‘09. What this tells us is that while the number of sales has slowed dramatically in the past two years, prices have now firmed and we have caught a glimpse of the bottom.
Buyers continue to be cautious and generally only take action on well maintained, well priced homes. Sellers’ pricing of their homes remains critical as buyers feel most comfortable when the list price is within 3% – 5% of fair market value.
[Click here for the rest of the report, courtesy of www.ImagineMarin.com]
Marin Luxury Report (September 2010)
November 12, 2010
With 8 sales, the luxury property market in Marin County again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, buyers are shaking off media ennui and making offers. Pricing in the marketplace certainly suggests “value” and inventory remains relatively low — we currently have just 132 homes actively on the market.
Cities recording luxury home sales between $2 million and $4 million in August 2010 included: Tiburon (3), Mill Valley (1), Greenbae (1), Ross (1), Corte Madera (1), and Sausalito (1). These homes averaged 117 days on market. Their average sales price was $2.518 million (roughly $732 per square foot), with an average of 2,518 square feet.
[Click here for the rest of the report, courtesy of www.ImagineMarin.com]
Marin Luxury Report (August 2010)
November 12, 2010
With 13 trades in September 2010, the luxury property market in Marin County (properties and estates over $2 million) again performed admirably in the face of uncertainty. As it is becoming clearer that the overall economic and housing environments are improving, real buyers are making legitimate offers. Pricing in the marketplace certainly suggests “value” and inventory is steadily increasing — there are now 163 homes actively on the market.
Cities recording luxury home sales between $2 million and $4 million in September 2010 included: Tiburon (4), Mill Valley (1), Belvedere (1), and Kentifield (2). In addition, Nicasio and Stinson Beach also recorded one sale appiece. These homes averaged 154 days on market. Their average sales price was $2.748 million (roughly $784 per square foot), with an average of 2,748 square feet.
[Click here for the rest of the report, courtesy of www.ImagineMarin.com]
