November 2017 Novato Real Estate Market Update | Pacific Union Home Sales Report

November 2017 Novato Real Estate Market Update | Pacific Union Home Sales Report. The Novato real estate market appears to be settling into pre-holiday mode. We are beginning to see some slow down and inventory build-up in the move up price ranges of over $1.2 million. Nonetheless, overall inventory remains incredibly tight under $1 million. This dual market scenario makes for an excellent opportunity for move-up buyers that need to sell their current homes.

Novato home sales numbers in October 2017 were much stronger than anticipated with a total of 46 sales. Off-market sales continue to fuel a market that is starved for inventory as the top agents rely on networking to effectuate our clients desired paths into and out of their homes. The impact of the Sonoma and Napa County fires is yet to be conclusively assessed. However, most realtors in Marin County (generally) and Novato (in particular), anticipate and/or have seen increased activity already in the marketplace over the past several weeks.

Overall in Novato, the 46 trades sold at an average price per foot of $466 (price per foot has remained relatively static over the past 6 months). The increasing presence and velocity of sales of Novato’s upper tier / luxury home market (homes over $1.25 million) has grown considerably this year — particularly in hot neigborhoods like Marin Country Club Estates, Pointe Marin, Green Point, Stonetree, and Indian Valley. Certainly, more and more buyers feel the “bang for the buck” in driving an extra 10 minutes from Sir Francis Drake is worth it. We are also seeing large numbers of empty nester Marin residents selling their multimillion dollar homes in Tiburon, Mill Valley and Ross Valley and transferring their tax base. These very strong (often all cash) buyers tend to focuss on 1-level, ranch style homes (or homes with the Master Bedroom downstairs with the main living areas) and to new / newer homes in Novato. This makes these two types of homes a hot commodity. As noted above, numerous sales are also being conducted privately by agents, outside of the MLS, via netorking groups such as the Top Agent Network (TAN — Top 10% of agents) and the Marin Platinum Group (MPG — Top 100 agents). It is estimated that approximately 10-15% of homes are sold without ever hitting the market.

Rudnick Estates at Cherry Hill, Novato | Click HERE to see Marin County’s most exciting new home community.

The average sale price for Novato homes in October 2017 was $993,490. Novato (especially Southern Novato) has unquestionably been one of Marin County’s hottest markets this year due to the good weather, easy commute and clear bang-for-your-buck.

Overall, Novato real estate sales in November 2017 averaged 45 days on market (DOM), were about 2,237 sq. ft., and averaged roughly $466 per sq. ft. Novato’s absorption rate (e.g., the number of months’ inventory of homes for sale based on last month’s sales totals) is currently just over 4 weeks. This reflects a very tight (seller oriented) market —  balanced markets have 4-6 months 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):
■ 80% of homes priced under $750,000;
■ 59% of homes between $751,000 and $1 million;
■ 29% of homes over $1 million.

Of the 46 Novato, CA homes that sold in October 2017:
■ 14 homes sold under $750,000;
■ 14 homes sold from $751,00 to $1 million; and
■ 18 homes sold for $1 million and up.

Single family homes in Marin Country Club Estates, Pointe Marin, 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), Top Agent (member), Marin Platinum Group (member) with 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 value discretion and expect high levels of professionalism and service, call me to discuss your situation.

Marin Real Estate (January 2011)

Marin Real Estate (October 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 (July 2010)

Marin Real Estate (June 2010)

Year over year prices seem to have leveled in many price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is up 12% from last year and sales of entry level (3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million) are up a modest 10% from May 2009. Recent news reports in the local media have noted increased median prices, but that reflects the fact that luxury homes are selling once again after a lackluster 2009. I do not believe prices overall are increasing yet.

[For the rest of the article, Click HERE.]

Marin Real Estate (May 2010)

We at Pacific Union International in Marin County, California continue to feel as though the 2010 real estate market is vastly different from that of 2009. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is up 7%. But the number of sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 191% from April 2009.

As noted in various recent articles, much of the strength in today’s home sales market stems from the red-hot entry level market segment. As would be expected, with relatively flat inventory and more sales, the absorption rate (e.g., the number of month’s worth of inventory) continues hovering at about 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. While in other parts of the country the first time hoe buyer credit has fueled sales, that incentive has had a minimal impact in Marin because of the relatively low income thresholds required to qualify. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).

Marin Real Estate (April 2010)

The sun is out and spring sports are underway – it is officially real estate season. We have reviewed cyclical and seasonal trends in MarinCounty in an effort to predict the balance of 2010. We are more optimistic today than we have been in twenty four months. It seems consumer demand for Marin and San Francisco real estate is regaining its stride. While some real estate decisions can be postponed, eventually buyers need to buy and sellers need to sell. New listings and new escrows are both up over 100% since the turn of the year.

April 2009 marked the inflection point when buyers began cautiously re-engaging with the Marin County real estate market. A year later, Q1 2010 results for volume ($) and units (#) are up significantly in the core of the market. Like the job market, the first quarter of 2010 may also indicate the stabilization of pricing; a required first step in our market’s recovery. As we look forward in 2010 we are encouraged by the recent increase in MarinCounty (and Bay Area-wide) new inventory (listings). Since March 1st, MarinCounty has seen over 450 new listings. Over 175 of these homes have list prices in excess of $1 million.

We continue to analyze buyer behavior and sense their confidence when properties are well priced, staged, and properly presented. Buyers are dismissive of homes that are “over-priced” in order for sellers to leave room for “negotiations”.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Real Estate (March 2010)

The Marin County, California real estate market continues evidencing traction. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is down 26% and sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 75% from February 2009. Nearly all recent statistics point to an improved sales environment in 2010.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Real Estate (February 2010)

The Marin County, California real estate market, which entered the new year with momentum, seems to have achieved traction. While year over year prices are down in many price segments and locations within Marin, some areas have actually seen prices increase (albeit nominally). Indeed, countywide supply and demand figures suggest an improving real estate environment as supply is down 24% and sales are up 29%, compared with last year (the numbers are for homes with at least 3 beds, 2 baths, 1,500 square feet, and priced under $1 million).

Much of the apparent strength evident today stems from the red-hot Novato market.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Real Estate (January 2010)

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