Novato Real Estate Market Update (April 2016 Novato Home Sales Report) Pacific Union | Top Agent

April 22, 2016

 April 2016 Novato Home Sales Report | Pacific Union International | Novato Real Estate Market Update. Novato home sales numbers in March 2016 were fairly good, falling in at 36 sales of single family homes (up from 30 in Febraury 2016). March is typically not considered a strong month of the year for home sale closings. As noted in prior months’ reports, appreciation of home values in Novato (and throughout the North Bay) continue on an upward trend with many homes having now shifted into the higher price brackets. Indeed, this phenomenon has required me to adjust my monthly report pricing analyses throughout Marin County. Overall, in Novato, the 36 trades sold at an average price per foot of $437. Likewise, Novato’s upper tier / luxury home market (homes over $1 million) has grown considerably over the past year. We are finding more and more buyers feel the “bang for the buck” in driving an extra 10 minutes from Sir Francis Drake is worth it, along with longtime Marin residents selling their multimillion dollar homes in Southern Marin and transferring their tax base to a newer home in Novato. We also continue to see numerous sales conducted privately, outside of the MLS, via netorking groups such as the Top Agent Network (top 10% of agents) and the Marin Platinum Group (Top 1% of agents). It is believed that approximately 10-15% of homes are sold without ever hitting the market. Indeed, I sold several homes privately in 2015 and have seen this trend continue into 2016.

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 March 2016 was $925K . Novato (especially Southern Novato) has unquestionably started off 2016 as one of Marin County’s hottest markets.

Overall, Novato real estate sales in March 2016 averaged 61 days on market, were about 2,273 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 over 1-month. This reflects an extremely tight market —  balanced markets have 6 months worth 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):
■ 64% of homes priced under $750,000;
■ 59% of homes between $751,000 and $1 million;
■ 58% of homes between $1 million and up.

Of the 36 Novato, CA homes that sold in March 2016:
■ 10 homes sold under $750,000;
■ 13 homes sold from $751,00 to $1 million; and
■ 13 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.

Pacific Union International | Novato Real Estate Market Update (December 2013 Novato Home Sales Report)

December 24, 2013

Pacific Union International | Novato Real Estate Market Update (December 2013 Novato Home Sales Report). The number of trades in Novato, CA in November 2013 reflected a seasonal norm — there were 28 single family home sales in Novato. Despite the interest rate increases of earlier in the year, rates remain very low and buyers continue to be actively engaged when it comes to well priced listings. The average sales price for Novato homes that closed in November 2013 was $709K. And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 5 sales.

Novato real estate sales in November averaged 69 days on market, were about 2,111 sq. ft., and averaged roughly $350/sq. ft. (note: this is up from $285/ft a year ago). Novato’s overall absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low — at just over 1-month (37 single family homes are actively for sale in Novato). This is an incredibly low absorption rate — balanced markets have 6 months worth of inventory.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■100% of homes priced under $500,000;
■63% of homes between $501,000 and $750,000;
■39% of homes between $751,000 and $1 million;
■27% of homes between $1 million and up.

Of the 50 homes that sold in November 2013:
■2 homes were priced under $500,000;
■20 homes priced from $501,00 to $1 million; and
■5 homes priced from $1 million and up.

Single family homes in Hamilton Field, Pointe Marin, Marin Country Club Estates, 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 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), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

Pacific Union International | Novato Real Estate Market Update (November 2013 Novato Home Sales Report)

November 12, 2013

Pacific Union International | Novato Real Estate Market Update (November 2013 Novato Home Sales Report). The number of trades in Novato, CA in October 2013 was impressive in what is typically a slower month for sales. Overall, 50 single family homes sold in the town of Novato last month. Despite the interest rate increase of earlier in the year, rates have dropped some and buyers remain actively in pursuit of well priced new listings. In addition, the highest price sale Novato has seen since the height of the market 8 years ago was recorded (Note: it was one of my listings and closed for just under $3 million).

The average sale price for Novato homes that sold in October 2013 was $785K (over $50K higher than July 2013). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 7 sales (including my listing noted above).

Novato real estate sales in October averaged 69 days on market, were about 2,268 sq. ft., and averaged roughly $363/sq. ft. (note: this is up from $285/ft a year ago). Novato’s overall absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low — it continues to stand at approximately 1-month (59 single family homes are actively for sale in Novato). This is an incredibly low absorption rate — balanced markets have 6 months worth of inventory.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■73% of homes priced under $500,000;
■64% of homes between $501,000 and $750,000;
■13% of homes between $751,000 and $1 million;
■40% of homes between $1 million and up.

Of the 50 homes that sold in October 2013:
■4 homes were priced under $500,000;
■36 homes priced from $501,00 to $1 million; and
■7 homes priced from $1 million and up.

Single family homes in Hamilton Field, Pointe Marin, Marin Country Club Estates, 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 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), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.

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.