Pacific Union Novato Real Estate Market Update (August 2010 Novato Home Sales Report)
August 24, 2010
The Novato, California real estate market continues its solid year. We had 33 trades last month. What is impressive is the fact that average sales prices are up and average price per square foot are up. The average sales price of Novato homes in July 2010 was $692,508 (up from $644,778 the month before). These homes averaged 106 days on market, were about 2,052 sq. ft., and averaged $320 per square foot (up from $306 sq. ft. in June 2010).
Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady, particularly in the entry level and move-up price bands. This is good news for buyers and sellers alike. Moreover, historically low interest rates, currently hovering around 4.5%, are giving buyers adequate impetus to make their move.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 65% of homes priced under $500,000;
- 40% of homes between $501,000 and $600,000;
- 26% of homes between $601,000 and $750,000;
- 26% of homes between $751,000 and $1 million;
- 16% of homes between $1 million and $1.5 million;
- 20% of homes between $1.5 million and up.
Of the Novato homes that sold in July 2009:
- 17 homes sold under $600,000;
- 16 homes sold between $601,00 to $1 million (the Novato move-up market is hot); and
- 6 sold for at least $1 million.
NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. We expect that the first homes will be ready for occupancy in October/November 2010.
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 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.
Postscript: Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month.
Pacific Union Novato Real Estate Market Update (July 2010 Novato Home Sales Report)
July 23, 2010
The Novato, California real estate market continues its torrid year with 49 sales in June — up from 38 sales in May 2010. The average sales price of Novato homes in June 2010 was $644,778. These homes averaged 98 days on market, were about 2,162 sq. ft., and averaged roughly $306 sq. ft.
Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady, particularly in the entry level and move-up price bands. This is good news for buyers and sellers alike. Moreover, historically low interest rates and added sales are giving buyers adequate impetus to make their move.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 47% of homes priced under $500,000;
- 34% of homes between $501,000 and $600,000;
- 36% of homes between $601,000 and $750,000;
- 33% of homes between $751,000 and $1 million;
- 18% of homes between $1 million and $1.5 million;
- 13% of homes between $1.5 million and up.
Of the Novato homes that sold in June 2009:
- 24 homes were priced under $600,000;
- 22 homes priced from $601,00 to $1 million (the Novato move-up market is hot); and
- 3 priced from $1 million and up.
NEW HOMES IN NOVATO: The 3 Model Homes being built at The Landing at Hamilton Field (I am the exclusive marketing agent for this project), located adjacent to South Gate in Hamilton Field, will open in mid-August. We expect that the first homes will be ready for occupancy in September 2010. Pricing begins in the mid-$800,000’s. Interest surrounding this new luxury 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 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.
Postscript: Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My listing at 94 Maybeck Street, Novato (South Gate at Hamilton Field) sold for 98.7% of list price in 10 days. In addition, we have also pre-sold one of the new homes at The Landing at Hamilton.
Novato Real Estate Market Update (May 2010 Home Sales Report)
May 14, 2010
The Novato, California real estate market continues to exhibit strength across nearly all price bands (not so for homes priced above $1.5 million). April 2010 saw 24 sales (same as February 2010). The average sales price of Novato homes in April 2010 rose over 3% to to $656,699. These homes averaged 93 days on market, were about 2,291 sq. ft., and averaged roughly $294 sq. ft.
Novato’s price per square foot has hovered between 3-5% of $300 for a year now — in my mind, we are seeing the gradual recomposition of the market in the era of the “New Normal.” Prices are holding steady. This is good news for those waiting to buy.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 56% of homes priced under $500,000;
- 46% of homes between $501,000 and $600,000;
- 54% of homes between $601,000 and $750,000;
- 34% of homes between $751,000 and $1 million;
- 16% of homes between $1 million and $1.5 million;
- 15% of homes between $1.5 million and up.
Of the Novato homes that sold in April 2009:
- 9 homes were priced under $600,000;
- 14 homes priced from $601,00 to $1 million; and
- 1 priced from $1 million and up.
NEW HOMES: The 3 Model Homes being built at The Landing at Hamilton Field (I am the exclusive marketing agent for this project), located adjacent to South Gate, will be open in less than 60 days (Summer 2010). We expect that the first homes will be ready for occupancy in August 2010. Pricing will begin in the mid-$800,000’s. Interest surrounding this new luxury community has been significant. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.
Again, 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 Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.
Postscript: Homes in Pointe Marin, Country Club, Hamilton Field, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My listing at 94 Maybeck Street, Novato (South Gate at Hamilton Field) sold for 98.7% of list price in 10 days.
Novato Real Estate Market Update (October 2009 Home Sales Report)
October 15, 2009
Entering into the dormancy season for Marin County real estate, it appears that certain “hotspots” remain — Novato is one of them. In September 2009, 35 Novato homes sold, compared with 38 sales in August 2009. The Novato real estate market derives its strength from entry level home sales. The number of homes actively listed in Novato remains very low compared with the rest of Marin (and the percentage of homes in escrow is much higher than the rest of Marin) because of exceptional demand based on affordability and the ongoing fantastically low interest rates.
“Give Yourself a Raise. Move to Novato.”
While the average sales price of Novato homes rose in August to a remarkable $713,440 (based in large part to the makeup of sales), that number fell back to Earth in September — $646,389. Even so, the psychological impact on buyers waiting for bottom to hit has begun to register. Anecdotally, I can attest that many buyers are looking at the inventory of homes in Novato and acknowledging that prices in the lower price bands are level and that it is increasingly difficult to identify “turnkey” homes under $525,000 — $550,000.
- 73% of homes priced under $500,000 (down from 81% last month — due to a flood of 6 homes coming onto market in the last week);
- 66% of homes between $501,000 and $600,000 (same as last month);
- 53% of homes between $601,000 and $750,000 (up from 48%);
- 34% of homes between $751,000 and $1 million (up from 27%);
- 31% of homes between $1 million and $1.5 million (up from 30%);
- 0% of homes between $1.5 million and up.
- 16 homes priced under $600,000 sold in September 2009
- 15 homes priced from $601,00 to $1 million sold in September 2009
Novato homes that sold in September 2009 averaged 121 days on market, were about 2,133 sq. ft., and sold for an average sales price of $646,389 (roughly $313 per sq. ft.). Novato’s absorption rate (e.g., the number of months of inventory currently available in Novato) remains extremely low — 3.4 months of available inventory. In March 2009, we had 7.9 months worth of inventory. Generally speaking, 5-6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market. The percentage of homes in escrow also points strongly to an extreme sellers market in the lower price bands.
Homes in Pointe Marin, Country Club, Hamilton Field, 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 Broker, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Morgan Lane International Real Estate. It is always my pleasure to be of service.
