Novato Real Estate Market Update (April 2009 Home Sales Report)
April 15, 2009
While the pipeline of new properties and overall inventory levels increases dramatically throughout most of Marin County, CA. (this is the prime selling season, after all), Novato’s inventory level remains at a seasonally adjusted low with just 152 single family homes for sale. There were 142 homes for sale in March 2009. Perhaps we are on the back side of the distressed property curve. Meanwhile, the absorption rate (e.g., the number of months of inventory currently available in Novato) dipped dramatically from 7.9 months in March to 6 months today (note: earlier this year, we were down to 4.5 months due to the large number of sales in December 2008). Absorption rates and the days on market averages provide a telling insight into the overall state of the market. More on this below.
As mentioned in prior months’ market updates, it seems that buyers are hypnotized and mesmerized by foreclosures and short sales — as if these properties hold some promise of value and an assurance of happiness. But, instead many buyers of these homes would do it differently if given another chance. After all, many of these homes are in rotten condition and entail lots of work. Wise buyers focus on real value and keep attuned to the benefits of homes that display “pride of ownership.” Not that all distressed sales are problem properties, but caveat emptor for those lured by the siren call of distress. Indeed, investors and buyers who have been burned by the short sale process — it can take months if the proper process is not followed or the banks do not issue approvals — are focused mainly on well priced homes without the strings of REO properties.
Of course, there is ample value out there in virtually all price ranges. Prices in most Novato neighborhoods are back down to what they were in 2003 (and 2002, in some neighborhoods). Novato currently has eleven active listings priced under $400,000 (Novato is Marin’s “Valhalla of Value”). This number is down by almost 33% from two months ago as value shoppers are picking up these investment quality homes. In addition, the number of homes priced under $500,000 is way down — there are just 30 available as of this writing (in this price range 53% of listings are in escrow). There are a total of 99 homes under $600,000 (with, again, 53% in escrow).
As noted last month, Novato is also experiencing a surge in $1 million and up escrows. In contrast to other parts of Marin County, Novato is experiencing a 26% escrow rate for homes in the $1 million to $1.5 million price range. My prediction relating to phantom buyers is coming true. I hold open houses almost every weekend and I talk to a lot of buyers. Here is my observation: there are LOTS of people who sold over the past couple of years and who have waiting for prices to dip. Fortunately for these folks, interest rates are also down right now and so they are jumping in. Many of these people sold in Southern and Central Marin and see the extreme value and comfortable existence Novato provides. As anticipated, given this trend and demographic, the move-up price band in Novato (with homes priced between $750K and $1 million) is slow with just 17% of these homes in escrow.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $500K |
64 |
53% |
|
500K - $600K |
35 |
51% |
|
$600K - $750K |
43 |
35% |
|
$750K - $1 mil. |
52 |
17% |
|
$1 mil. - $1.5 mil. |
34 |
26% |
|
$1.5 mil. & Up |
11 |
18% |
Twenty-five Novato homes sold in February 2009 (up from 16 in February 2009). That is an increase in sales of 56%. Compare that the overall number of sales in Marin this year, which is down 60%. Interesting stuff. These Novato homes averaged about 97 days on market, were about 2,050 sq. ft., and sold for an average sales price of $586,000 (roughly $292 per sq. ft.). 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 are thinking of buying, please call my office at (415) 350-9440 as I have a long list of people who would like to sell their homes, but because of market conditions are not quite ready to list their home officially. I am also receiving many call regarding lease-options. Insofar as my listings are concerned, three of five are in escrow and I have an outstanding offer on another. From my perspective, the market seems pretty active.
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers for your neck of the woods or have any questions about Novato’s many delightful neighborhoods, just give me a call at (415) 350-9440. My name is Kyle Frazier, Certified Residential Specialist (CRS), with Morgan Lane Marin Real Estate. It is always my pleasure to be of service.
Now that the southbound portion of the HWY 101 widening project has been completed for a little over a month, it is clear that the commute through San Rafael is very much improved. Even salty, hardened naysayers concede that the drive to work is now just a drive, not a battle–estimates range from 25-35 minutes saved each day since the completion of the project. As I have been saying for 2 years, the improved commute will certainly make Novato a viable choice for those who had sworn it off because of the traffic. Moreover, the first-time home buyer credit of $8,000 (this is a flat out gift from the government) certainly helps those who qualify. As I tell my clients, “Give Yourself a Raise. Move to Novato.”
Marin Real Estate (February 2009)
February 13, 2009
As of this writing, the Stimulus Bill and its apparently watered down home buyer tax credit is being finalized. Yet economists and consumers are grim. Ergo, the Marin County, California real estate market continues its slow and steady march into the teeth of a tireless media storm of negativity. Yes, the market overall is fairly slow, but not as slow as it may appear. Sales in Northern Marin’s Novato were up 30% January 2009 over January 2008–as I like to say, “Give Yourself a Raise–Move to Novato!”
The chart below shows a 90-day rolling average of Mill Valley’s new listings and absorbed listings (e.g., sales), comparing current numbers with those of last year. Note that the while the numbers for new listings are about the same, the number of absorbed listings is up in 2009 over 2008. Again, while the wheels of the real estate market are sticking and squeaking, they have not fallen off (although sellers are advised to wear seat belts). If you would like a similar chart for any other town or city in Marin or San Francisco, please let me know.
Obviously, the more stringent underwriting policies of lenders are stifling demand. In addition, I am quite aware that some home buyers are continuing to wait for the perceived bottom, despite the FACT that interest rates are as low as could be realistically expected and prices in many Marin communities and neighborhoods have receded to 2003 or 2004 price levels. As evidenced by frenzied investor activity, particularly in Novato, there is definite traction at the low end. And once prices stabilize at the low end, the rippling effect upwards will follow.
[click here for the rest of this article, courtesy of www.NorthBayRE.com].
Novato Real Estate Market Update (January 2009 Home Sales Report)
January 10, 2009
With just 150 active listings (there were 172 homes for sale last month), Novato, California is experiencing far lower inventory levels than we have become accustomed to over the past several years. This low inventory is giving rise to some unexpected numerical results. For example, because Novato sales figures are up from last month (we had 35 sales in December 2008). The resulting absorption rate for Novato single family homes is just over 4.25–this figure represents the number of months of inventory currently available in Novato. Anything under 4 months has traditionally been considered a SELLER’S MARKET. Now, I am not saying that Novato’s real estate environment is one that favors sellers, I am just pointing out an anomaly in the numbers.
Foreclosed homes continue eroding values in many parts of town. Of course, some neighborhoods have been hit worse than others. However, sub-par conditions and unattractive terms are deterring many buyers who are instead taking the safe road and focusing on non-distressed home sales. As of this writing, Novato boasts 13 homes on the market priced under $400,000. I call Novato the “Valhalla of Value” in Marin County. Certainly, we are seeing young and old alike flocking to Novato. The number of homes listed under $500,000 is up to 57–and an impressive 46% of these are in escrow. There are a total of 82 single family homes priced under $600,000 (with 38% in escrow). At the top end of the spectrum, Novato’s $1 million-plus luxury market has continued to lure value shoppers from Southern Marin. As I tell my clients, “Give Yourself a Raise. Move to Novato.”
Thirty-five Novato homes were sold in December 2008–up 8 from November 2008. These homes averaged about 131 days on market, were about 1,945 sq. ft., and sold for an average sales price of $594,000 (roughly $315 per sq. ft.).
Homes in Hamilton Field, Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. If you are thinking of buying, please call my office at (415) 350-9440 as I have a long list of people who would like to sell their homes, but because of market conditions are not quite ready to list their home officially. I am also receiving many call regarding lease-options.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $500K |
57 |
46% |
|
$500K - $600K |
25 |
20% |
|
$600K - $750K |
39 |
15% |
|
$750K - $1 mil. |
36 |
15% |
|
$1 mil. & Up |
66 |
14% |
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is always my pleasure to be of service.
Novato Real Estate Market Update (November 2008 Home Sales Report)
November 10, 2008
This morning I cleaned out my gutters and cleared out my gardening beds of their Summer plantings–sure signs that Autumn is upon us. And while the summer crop produced in the garden is now long gone, many of the homes that came on the market this Summer remain available and ready to harvest. Although the number of homes on the market in Novato is well down off its high earlier this year–there are currently 186 active listings–there are many excellent values out there.
Sellers who have to sell in this market have really come to understand the need for aggressive pricing because of the relatively large number of foreclosures in Novato. These foreclosures can be disastrous to neighborhood values. However, because of their generally poor condition and the stringent terms required by the banks selling the homes, many buyers refuse to engage in pursuit of foreclosed homes for sale (and just about everyone is walking away from short sales). Moreover, because the banks are using pricing schemes to lure buyers into making offers, many of these so-called foreclosure “deals” are selling way above asking price. In fact, one foreclosure in Novato’s Country Club neighborhood sold last month for over 11% above asking price in an all-cash deal.
As I have said before and I will say again, present day Novato is the Valhalla of value in Marin. Anecdotal evidence supports me–4 of my Novato listings sold last month alone. Certainly, those who cannot afford a run at the higher priced homes of Southern and Central Marin are flocking to Novato. We are also fielding lots of investor calls. Perhaps people are selling off equities and again plunging into the more bullish realm of Marin real estate? Perhaps people feel we are at bottom? Perhaps the fact that the HWY 101 project is slated to be done soon is easing concerns over the commute to San Francisco?
About the same as in October 2008, there are 33 homes currently listed under $500,000 and 51% of these are in escrow (that’s a strong lower end). There are a total of 94 homes under $600,000 currently on the market. At the top end of the spectrum, Novato’s semi-luxury market ($1 million to $1.5 million price range) posted another 4 sales (29 of these homes have sold over the past 5 months). Also, note that 49% of condos on the market in Novato are in escrow (down from 53% last month). Yet, the most surprising market segment is the $600,000 to $750,000 price band with 37% of homes in escrow (up from 27% last month). This price band has been sluggish through much of the year, yet last month and this month we are seeing a lot more action.
Thirty-six Novato homes sold in October 2008–down by 10 from September 2008. These homes averaged about 113 days on market, were about 2,254 sq. ft., and sold for an average sales price of $739,000 (roughly $336 per sq. ft.). Homes in Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys seemed to generate the most calls, showings, and sales.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $600K |
67 |
51% |
|
$600K - $750K |
27 |
37% |
|
$750K - $1 mil. |
48 |
27% |
|
$1 mil. - $1.5 mil. |
44 |
9% |
|
$1.5 mil. & Up |
24 |
4% |
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is always my pleasure to be of service.
Pristine In Pointe Marin
October 16, 2008
Picture a cottage nestled among the rolling hills–welcome to Pointe Marin’s Hideaway neighborhood. Secluded, yet conveniently located within easy walking distance to today’s necessities and a 2 minute drive to HWY 101 and the highly sought-after Southern Novato commute (and within minutes of Hamilton Landing).
This immaculate Craftsman Style home with a Great Room configuration, was built in 2003 and sits on a peaceful cul-de-sac near parks, trails, shopping, restaurants, banking, transportation, and more. It possesses all the benefits of modern construction, but retains a palpable old fashioned comfort and warmth. The many unique amenities include: tasteful and expensive Hunter Douglas window coverings; a phantom (hidden) screen door to the back yard;Sun Flexx awnings; air conditioning; an efficient dual-zone climate control system; multiple built-in shelving and cabinets; all closets are built-out with shelving and bi-level hanging capabilities; upstairs Laundry Room; and unprecedented storage capability in the tandem portion of the garage.
The Master Bedroom is fitted for royalty with a large retreat and Master Bath with massive oval tub, step-in shower, walk-in closet (with built-ins); and dual vanity.
Outside, the immaculate landscaping is on a carefree automated irrigation system. The large grassy area is accented by a tasteful patio and benefits from retractable awnings providing ample shade for those wonderful al fresco dinners on summer evenings.
Waterfront Lifestyle in Bel Marin Keys
October 16, 2008
Amazing one-level, waterfront home in Bel Marin Keys, Novato. Boat dock with easy access to the Bay and beyond. Vaulted ceilings, large windows and multiple sliding doors with wide open views to Bel Marin Keys’ highly desirable south lagoon. Open floor plan with spacious Master Suite (opens to lagoon), formal dining room, outdoor breakfast nook, Great Room styled open Kitchen/Family Room, Living Room, formal entryway with double doors, large and private back yard. Lots of recent improvements.
- Property Address: 1116 Bel Marin Keys Blvd., Novato, CA 94949
- Listing Price: $849,000
If you would like to learn more about this lovely waterfront home or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440.
Kyle Frazier, CRS
Frank Howard Allen Realtors
Poolside Paradise in Southern Novato (Pointe Marin Home For Sale)
October 16, 2008
Imagine yourself sitting by the pool with a frosty Mai Tai, a warm summer afternoon breeze fluttering the pages of that novel you’ve been waiting to read, with banana palms waving softly above you.
Pointe Marin pool homes rarely come up for sale — at this price, this gorgeous home will not be around for long.
Welcome to 80 Oak Grove Drive in Pointe Marin, located in a small community of newer homes in highly desirable Southern Novato. Secluded, yet conveniently located within easy walking distance to today’s necessities and a 2 minute drive to HWY 101 and the highly sought-after Southern Novato commute.
-
80 Oak Grove Drive, Pointe Marin, Novato (Marin County, California)
-
List Price: $799,000
-
80oakgrove.com —> for more pictures and details
For more information and/or a private showing, please call Kyle Frazier, Marin Realtor & CRS, at (415) 350–9440.
Novato Real Estate Market Update (August 2008 Home Sales Report)
August 12, 2008
Thirty-four Novato homes sold in July 2008–up by 2 from June 2008, which saw 32 home sales. These homes averaged about 122 days on market, sold for an average sales price of $769,000 (roughly $370 per sq./ft.), and the average sized home was 2,171 square feet. Homes in Pointe Marin, Rush Creek, Indian Valley, and Stonetree continue to get robust numbers of showings and/or interest.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $600K |
94 |
29% |
|
$600K - $750K |
63 |
35% |
|
$750K - $1 mil. |
77 |
18% |
|
$1 mil. - $1.5 mil. |
53 |
19% |
|
$1.5 mil. & Up |
32 |
3% |
For a brief explanation of the importance of the statistic addressing the percentage of “Pending” listings, click HERE. If you would like me to run the exact numbers on your neighborhood, just give me a call at (415) 350-9440. It is always my pleasure to be of service.
Marin County Real Estate (July 2008)
July 13, 2008
Whatever wrenches, potholes, u-turns, and other impediments to a prosperous 2008 real estate market recovery we encounter in local (and especially national) media, the engine keeps on running in Marin County, California, where we continue our annual journey onwards and upwards — with some notable exceptions. We just don’t see the wild down-swings in pricing like other parts of the country (click HERE for my recent article on Fundy Markets). I know many of us feel blessed for the good fortune of finding our way here … and we should (click HERE for last week’s Forbes article discussing Marin Schools).
As reported last month, Marin was the ONLY county in the entire Bay Area to have a year-over-year increase in median price last month (prices were up 5.8%) according to DataQuick which surveys all recorded sales. The numbers for the HWY 101 corridor covered by this update are also pretty amazing–the average asking price for single family homes sold is $2.125 million (excluding Novato) and even in Novato that number is $958,000.
We currently have 781 active listings (down from 821 in June 2008). While the Summer is our slow season, buyers continue visiting open houses en mass.
[...click here for the rest of the report courtesy of NorthBayRE.com.]
Marin County Real Estate (June 2008)
June 13, 2008
Marin County, California, was the ONLY county in the entire Bay Area to have a year-over-year increase in median price last month (prices were up 5.8%) according to DataQuick which surveys all recorded sales. The numbers for the HWY 101 corridor covered by this update are pretty amazing–the average price for single family homes sold in May 2008 was $1.493 million and if you exclude Novato that number increases to $1.647 million. We currently have 815 active listings (down from 881 in May 2008). This time of year historically sees an up-tick in listings as families leave town for vacations, etc. Yet, buyers are visiting open houses in droves. Reports of multiple offers continue.
