Novato Real Estate Market Update (March 2010 Home Sales Report)
March 14, 2010
The Novato, California real estate market continues to show significant strength across all price bands, except for homes priced above $1.5 million. February 2010 resulted in 24 sales. While down from December 2009’s 42 sales, this is an impressive number because of the short month, two holidays, and weather challenges presented in January and early February (after all, if people cannot go out and look at homes, they are not likely to buy one). The average sales price of Novato homes in February 2010 catapulted upwards by over 20% from January 2010 to $630,938. These homes averaged 147 days on market, were about 2,291 sq. ft., and averaged roughly $293 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) bumped upwards slightly as a large number of homes have entered the market over the past two weeks (although we are still hovering at historically low levels for this time of year) — 4.79 months worth of available inventory overall (115 single family homes are currently for sale in Novato). Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 74% of homes priced under $500,000 (67% last month);
- 55% of homes between $501,000 and $600,000 (66% last month);
- 39% of homes between $601,000 and $750,000 (42% last month);
- 28% of homes between $751,000 and $1 million (33% last month);
- 23% of homes between $1 million and $1.5 million (24% last month);
- 0% of homes between $1.5 million and up.
Amazingly, out of 38 homes on the market under $500,000, only 10 are not in escrow (and several of these hit the market less than a week ago) — this is simply amazing!
- 14 homes were priced under $600,000;
- 8 homes priced from $601,00 to $1 million; and
- 2 homes priced from $1 million and up.
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 88.7% of list price in 10 days. 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.
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, are expected to be completed in June 2010. We expect that the first homes will be ready for occupancy in July or 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.
The Landing at Hamilton | New Homes | Novato
January 24, 2010
Hamilton Field, Novato’s final residential development, is a secluded enclave of luxurious homes reflecting timeless style and contemporary conveniences. These thoughtfully designed homes focus on sophistication, beauty, and community. Residents will enjoy spacious and refined interior spaces, along with the peace of mind associated with living in such a charming neighborhood adjacent to a rich wildlife sanctuary.
The Landing at Hamilton | Plan One (Spanish Elevation)
An unrivaled passion for excellence and detail is exhibited in each home. The Landing at Hamilton benefits from easy access to recreation, dining, shopping, schools, transportation, and the myriad benefits of living at Hamilton Field in Novato. Pricing begins at approximately $840,000 for the smallest homes and ranges up to approximately $900,000 for the larger homes. There will be four models in up to three elevations, ranging from ~2,432 square feet to ~3,000 square feet.
Click HERE for more.
Novato Real Estate Market Update (December 2009 Home Sales Report)
December 15, 2009
The strong Novato, California real estate market continues on its journey into recovery. The average sales price of Novato homes in November 2009 was $620,851. These homes averaged 79 days on market, were about 2,103 sq. ft., and averaged roughly $316 per sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) has dipped to historically low levels — a scant 2.69 months worth of available inventory overall (95 single family homes are currently for sale in Novato) . A quick look at the supply and demand curve over the past 2 years is striking — supply is down by 35% and sales are up 42%. No wonder my Novato colleagues agree that it appears our 3+ year bear market in local real estate is coming to an end.
The broad based appearance of solidity in the marketplace is anchored by the low end of the market, but is also reflected in the higher end and by zip code. The chart below reflects the number of months’ inventory in the $800,000 to $900,000 price band. In this “move-up” price band, there is about 3 months’ supply of homes on the market. Generally speaking, 5-6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market.
- 74% of homes priced under $500,000 (78% last month);
- 65% of homes between $501,000 and $600,000 (60% last month);
- 53% of homes between $601,000 and $750,000 (same as last month);
- 33% of homes between $751,000 and $1 million (31% last month);
- 19% of homes between $1 million and $1.5 million (down from 23%);
- 0% of homes between $1.5 million and up.
- 22 homes priced under $600,000 sold in November 2009
- 12 homes priced from $601,00 to $1 million sold in November 2009
- 3 homes priced from $1 million to $1.5 million sold in November 2009
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 Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.
“Give Yourself a Raise. Move to Novato.”
Novato Real Estate Market Update (November 2009 Home Sales Report)
November 6, 2009
Leaves are starting to hit the ground as the days grow shorter. But, Novato’s hot market shows no signs of cooling down. In October 2009, 50 Novato, California homes sold, compared with 35 sales in September 2009. Suffice it to say, the Novato real estate market is hot. Entry level home sales have shown sustained strength for the past 6 months. The number of homes actively listed in Novato remains very low compared with the rest of Marin (and the percentage of homes in escrow remains much higher than the rest of Marin). This exceptional demand is based on stunning affordability (homes are selling now for prices nobody could have dreamed of 3 short years ago) and the fantastically low interest rates.
While the average sales price of Novato homes rose in August to a remarkable $713,440 (based in large part on the makeup of sales), that number fell back to Earth in September — $646,389. Last month, the average sales price rose to $667,788.
Certain zip codes are performing exceptionally well. For example, in 94949 (Southern Novato) the percentage of homes in escrow is up 38% from last October and the average days on market is down 70%. This is simple supply and demand. Savvy buyers waiting for “the bottom to hit” recognize that we may be there and that any further price erosion will be outweighed by increased interest rates which are likely around the bend. Surely, home buyers in Novato are finding that it is increasingly difficult to identify “turnkey” homes under $550,000. In the 94949 zip code, median prices year over year dipped a mere 3%. I think many observers would be surprised. Local agents are all talking about a “bounce” in prices over the past several months.
- 78% of homes priced under $500,000 (up from 73% last month);
- 60% of homes between $501,000 and $600,000 (down from 66% last month — we have 5 new listings that just came on the market or this number would be higher);
- 45% of homes between $601,000 and $750,000 (down from 53%);
- 31% of homes between $751,000 and $1 million (about the same as last month);
- 23% of homes between $1 million and $1.5 million (down from 31%);
- 0% of homes between $1.5 million and up.
- 26 homes priced under $600,000 sold in October 2009
- 16 homes priced from $601,00 to $1 million sold in October 2009
- 5 homes priced from $1 million to $1.5 million sold in October 2009
Novato homes that sold in October 2009 averaged 100 days on market, were about 2,267 sq. ft., and sold for an average sales price of $667,788 (roughly $310 per sq. ft.). Novato’s absorption rate (e.g., the number of months of inventory currently available in Novato) has dipped to historically low levels — just 2.3 months worth of available inventory overall.
The chart below reflects activity in the $800,000 to $900,000 price band. In this “move-up” price band, there is less than 2 month’s inventory. Lower price bands are even more constrained. Generally speaking, 5-6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market.
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 Marin Real Estate (Pacific Union International). It is always my pleasure to be of service.
