September 2016 Novato Real Estate Market Update | Pacific Union International Home Sales Report

September 13, 2016

 September 2016 Novato Home Sales Report | Pacific Union International | Novato Real Estate Market Update. With the real estate market clearly in transition and the Summer lull in full effect, Novato home sales numbers in August 2016 were stronger than anticipated with a total of 42 sales (exactly the same number of home to sell last year in August 2015). August has never been considered a particularly strong month for sale closings as people are on vacation and seemingly have better things to do than buy and/or sell properties. As with most realtors in Marin County (generally) and Novato (in particular), I feel there is a clear softening in the market over and above what we might expect due to Summer. Many industry observers have commented on “The Shift” and its presence can certainly be felt in all but the new home and entry level markets (both of these market segments continue see buyer demand outstrip inventory).

Overall, in Novato, the 42 trades sold at an average price per foot of $430 (almost exactly the same as last August). Likewise, the presence of Novato’s upper tier / luxury home market (homes over $1 million) has grown considerably over the past year — in fact, I have added a new price band to my analysis focussing on homes priced over $1.5 million. 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 longtime Marin residents selling their multimillion dollar homes in Southern Marin and transferring their tax base to new / newer homes in Novato. We also continue to find that numerous sales are conducted privately, 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). Approximately 10-15% of homes are sold without ever hitting the market. Indeed, I sold several homes privately in 2016 at the request of sellers who value privacy and discretion.

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 August 2016 was just under $875K . Novato (especially Southern Novato) has unquestionably been one of Marin County’s hottest markets this year due to the good weather, easy commute and bang-for-your-buck.

Overall, Novato real estate sales in August 2016 averaged 50 days on market, were about 2,036 sq. ft., and averaged roughly $437 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 under 2 months. This reflects a very tight market —  balanced markets have 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 and added the “over $1.5 million” price band):
■ 52% of homes priced under $750,000;
■ 40% of homes between $751,000 and $1 million;
■ 21% of homes between $1 million and $1.5 million;

■ 27% of homes between $1 million and $1.5 million.

Of the 42 Novato, CA homes that sold in August 2016:
■ 16 homes sold under $750,000;
■ 17 homes sold from $751,00 to $1 million; and
■ 8 homes sold for $1 million and up.

Single family homes in Rudnick Estates (a brand 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), Top Agent (member), Marin Platinum Group (member) with Christie’s International | 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.

Novato Real Estate Market Update (June 2010 Novato Home Sales Report)

June 16, 2010

The unabated Novato, California real estate market remains firm in all price points. In May 2010, we had 38 sales (over 60% higher than April). The average sales price of Novato homes in May 2010 again rose by about 3% to to $677,105. These homes averaged 98 days on market, were about 2,277 sq. ft., and averaged roughly $308 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 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:

  • 62% of homes priced under $500,000;
  • 37% of homes between $501,000 and $600,000;
  • 38% of homes between $601,000 and $750,000;
  • 19% of homes between $751,000 and $1 million;
  • 19% of homes between $1 million and $1.5 million;
  • 23% of homes between $1.5 million and up.

Of the Novato homes that sold in May 2009:

  • 9 homes were priced under $600,000;
  • 22 homes priced from $601,00 to $1 million (the Novato move-up market is hot); and
  • 2 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, are set for completion in late July. We expect that the first homes will be ready for occupancy in September 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.

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.

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. 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

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

Real Estate Market Chart by Altos Research www.altosresearch.com

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

The Northern Marin (e.g., Novato) real estate market continues to out-pace the Central Marin market in certain price bands. Active listings are abundant. Buyers are focused and seemingly undeterred when it comes to writing offers below asking price–sometime significantly so. Sellers with a need to sell are embracing aggressive pricing. 
 
As I have noted over the past few months, there are several newer homes, under 10 years old, under $800,000 in Hamilton Field. I have a new listing that is exquisite, with a pool, and located in the highly sought after neighborhood of Pointe Marin–asking price $799,000. This is an example the fantastic value available in Novato. New business arrivals at Hamilton Landing are fueling many purchases in Northern Marin as is the new Hamilton Marketplace.
 
There are 43 homes under $500,000 (up from 30 in July 2008), and 67 homes under $600,000 (up by 13) currently on the market. At the other end of the spectrum, Novato’s resurgent semi-luxury market ($1 million to $1.5 million price range) posted another 7 sales (there 5 last month). Overall, roughly 23% of homes on the market in Novato are in escrow. Sales, it appears, have continued over the past month, even though Summer tends to be slow for home sales. Certainly, my listings are seeing plenty of activity with dozens of visitors at open houses.

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.

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