Pacific Union International | Novato Real Estate Market Update (September 2011 Novato Home Sales Report)
September 27, 2011
Novato, CA home sales continued to surpass expectations in August 2011, which is a traditionally slow month in Marin County. Buyers continue to move very quickly on well-priced and/or unique real estate opportunities. The average sales price of Novato homes has swung wildly so far this year based on the composition of sales each month — it was $626K in June 2011 and $566K in August 2011. Last month’s trades averaged 79 days on market, were about 2,023 sq. ft., and averaged roughly $288 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is a very low 3.16 months’ worth of available inventory overall (117 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market is the entry level — homes priced under $500K — where 66% of homes are in escrow and inventory is so tight that the absorption rate is just over one month’s worth of inventory. Also, as noted in recent updates, the number of new listings introduced to the market which are either bank owned or short sales is down dramatically. This time last year (and in 2009), roughly half of the homes coming to market were distressed — if this trend continues, prices will stiffen and eventually bump up.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
■66% of homes priced under $500,000;
■43% of homes between $501,000 and $750,000;
■28% of homes between $751,000 and $1 million;
■7% of homes between $1 million and up.
Of the 44 homes that sold in August 2011:
■14 homes were priced under $500,000;
■27 homes priced from $501,00 to $1 million; and
■3 homes priced from $1 million and up.
Note: I have a pocket listing in Marin Country Club Estates with a gorgeous pool, golf cart garage, sound studio/office. This is an indoor-outdoor lifestyle home with all day sun at the pool. The property is extremely private and in the flats.
Call me for more information and a private showing.
Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Country Club, 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 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.
The Landing at Hamilton Field — NEW CONSTRUCTION. Prices start in the mid – $700′s. We have three homes ready for immediate move-in. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com
Novato Real Estate Market Update (March 2011 Novato Home Sales Report)
March 14, 2011
Febuary 2011 resulted in excellent home sales numbers for Novato (34 homes sold in February, compared with 22 trades in January). It appears that this momentum is carrying into March as buyers act quickly on well-priced and/or unique opportunities. The average sales price of Novato homes in Febuary 2011 was $534K. These homes averaged 156 days on market, were about 2,092 sq. ft., and averaged roughly $267 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is an astonishingly low 3.35 months’ worth of available inventory overall (114 single family homes are currently for sale in Novato). Of note is the fact that 44% of all Novato homes priced under $1 million are IN ESCROW!
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 47% of homes priced under $500,000;
- 39% of homes between $501,000 and $750,000;
- 51% of homes between $751,000 and $1 million;
- 19% of homes between $1 million and up.
Of the homes that sold in February 2011:
- 19 homes were priced under $500,000;
- 12 homes priced from $601,00 to $1 million; and
- 3 homes priced from $1 million and up.
Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Country Club, 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 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.
The Landing at Hamilton Field — We have just reduced prices on our favorite homes (and sold another). We also have placed our 3 model homes on the market at very attractive prices. Prices now start at $809,000. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com
Novato Real Estate Market Update (January 2011 Novato Home Sales Report)
January 4, 2011
Happy New Year! As I write this real estate report, the stock market is at its highest level since the 2008 meltdown began and up 125 points on the first day of trading in 2011 and the headline on CNN Money is “A Hiring Boom in 2011. Really.” Despite historically low interest rates and overall affordability at its best levels recorded, the overall Marin market was down in terms of sales numbers in 2010. Yet, in December 2010, the Novato, California real estate market continued to show very real strength across all price bands, except for homes priced above $1.5 million. This strength was consistent with the rest of the year’s results.
December 2010 was HOT with 41 home sales. In fact, it was hotter than December 2007 (with 26 sales — Note: click HERE for article dating back to January 2008 “Novato Named “Best Affordable” Town by Business News Magazine”) and December 2008 (35 sales) and about even December 2009 (42 sales). The average sales price of Novato homes in December 2010 was $570,724. These homes averaged 111 days on market, were about 2,078sq. ft., and averaged roughly $283 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) sits at 2.4 months’ worth of available inventory overall (99 single family homes are currently for sale in Novato). This is an extraordinarily low number and will rise as sellers begin putting their homes on the market in coming months.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 55% of homes priced under $500,000;
- 54% of homes between $501,000 and $600,000;
- 37% of homes between $601,000 and $750,000;
- 19% of homes between $751,000 and $1 million;
- 27% of homes between $1 million and $1.5 million;
- 11% of homes between $1.5 million and up.
Of the homes that sold in December 2010:
- 25 homes were priced under $600,000;
- 15 homes priced from $601,00 to $1 million; and
- 1 home priced from $1 million and up.
Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. My new home listing at 10 Audubon Way (in The Landing at Hamilton) closed escrow at the end of the month for $957K (about 3.5% above asking price). 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 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.
The Landing at Hamilton Field had its first sale last month (the sale was consumated upon completion of the home). We have another 4 homes that should be ready for occupancy by the end of January or early February 2011. Pricing starts in the mid-$800,000’s. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com
Novato Real Estate Market Update (November 2010)
November 20, 2010
Even through the suppressed months of sales experienced through most of Marin County, California (from May through October, sales were down county-wide as the stock market fell), Novato’s real estate market continues showing resilience and strength. Indeed, buyers continue questioning pricing in Southern Marin, especially at the high end. Meanwhile, many are looking North (Novato is just 16 miles North of the Golden Gate Bridge) and stepping fearlessly into the Novato homes market. They can confidently do this because Novato’s bottom has formed and pricing reflects unquestionable value.
What You Get Comparison (Novato v. Mill Valley) — Based on last month’s average sales price in Mill Valley, buyers with a $997K budget got a 2,065 square foot house (likely built 50 or 60 years ago and located in a flood zone, the hills, or a choppy neighborhood).
In Novato, buyers with a $997K budget can buy a brand new home (at The Landing, for example) with 5 Beds, 3 Baths, 3,073 square feet, in the flats (not a flood zone), with a pool and park across the street, within a 2-minute walk of YMCA and 3-minute walk to the Library, and access to the Bay Trail. All this is a mere 12 or 13 minutes up HWY 101. Take into account the time it takes to drive surface streets into Mill Valley, any time factor related to the commute into The City can be a wash.
Decision – You be the Judge. Many buyers believe that Novato provides much more bang for their hard earned buck.
We had 30 trades last month. The average sales price of Novato homes in October 2010 was up to $678,943. These homes averaged 91 days on market, were about 2,448 sq. ft., and sold for about $286 per square foot.
- 48% of homes priced under $500,000;
- 44% of homes between $501,000 and $600,000;
- 37% of homes between $601,000 and $750,000;
- 18% of homes between $751,000 and $1 million;
- 27% of homes between $1 million and $1.5 million;
- 6% of homes between $1.5 million and up.
Of the Novato homes that sold in October 2010:
- 11 homes sold under $600,000;
- 15 homes sold between $601,00 to $1 million; and
- 3 homes sold for over $1 million.
NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. The first homes will be ready for occupancy in December 2010. Buyers get to choose countertops (granite is standard) and flooring.
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 J.D., 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.
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 (August 2009 Home Sales Report)
August 12, 2009
Last month, for the first time since I began writing Novato monthly updates back in 2006, I stated that it appears that the Novato, CA. market (for single family homes) seems to be improving in two meaningful ways. Certainly, sales have risen from last year and we have several months of increasing sales (as the inventory of short sales and foreclosures is quickly snapped up by motivated buyers).
But, perhaps even more importantly from the perspective of home owners, it also appears that prices at the entry level (e.g., properties priced below $500,000) have bottomed out. As evidenced by the chart below, the 90-day rolling average of Novato home prices has been rising since May 2009. Obviously, higher asking prices do not, ipso facto, result in higher sales prices (some local real estate companies train their agents to give sellers high estimated sales prices in an effort to get any all listings — a major breach of our ethical and fiduciary obligations, in my opinion). But, experts consider this development a leading indicator that market forces are pushing prices higher. I have written in past months about the high level of competition in Novato’s entry level real estate market. This phenomenon also supports the notion that we have hit bottom.
In July 2009, Novato experienced 47 sales (up from 38 in June 2009). Of course, many of these are bargain priced homes such as REO’s or short sales. But, the inventory is rapidly being absorbed. We feel there is extraordinary pent up demand. Perhaps more significantly, the average sales price of Novato homes was $632,078 in July 2009 (up from $622,000 last month, excluding one off the market sale of a $2 million+ home). While a bump of just over 1% may not seem like much, its psychological impact on buyers waiting for bottom may prove significant.
As a result of the above, we believe that the move-up market will continue to improve in Novato — there are clear signs of improvement in this very important market segment. As of today, here are the percentages of homes in escrow in each price band:
- 82% of homes priced under $500,000 (up from 78%);
- 61% of homes between $501,000 and $600,000 (up from 57%);
- 40% of homes between $601,000 and $750,000 (down from 43%);
- 27% of homes between $751,000 and $1 million (up from 25%);
- 30% of homes between $1 million and $1.5 million (up from 25%);
- 6% of homes between $1.5 million and up (down from 15%).
Interestingly, and in line with recent months, the move-up price bands are selling nearly as well as the entry level properties:
- 27 homes priced under $600,000 sold in July 2009
- 16 homes priced from $601,00 to $1 million sold in July 2009
There are 138 single family homes currently for sale in Novato, CA (there were 131 in July 2009). Novato’s absorption rate (e.g., the number of months of inventory currently available in Novato) remains extremely low. In March 2009, we had 7.9 months worth of inventory. This month, our absorption rate has fallen to an unbelievable 2.99 months! Absorption rates, along with days on market averages, provide a telling insight into the overall state of the market. Generally speaking, 6 months of inventory reflects a balanced market and anything under 4 months, a seller’s market. And today’s shrinking inventory and exploding sales evidence a pent up demand and reflect the increased affordability of Novato real estate. It is rumored that more bank owned inventory will be generated in the Fall as banks continue hiring processors and moratoriums are lifted. We will see if this comes to pass and how it affects our market.
As noted above, 47 Novato homes sold in July 2009. These Novato homes averaged about 110 days on market, were about 2,107 sq. ft., and sold for an average sales price of $632,078 (roughly $304 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 calls regarding lease-options.
|
Price Range |
Total Homes |
Pending Listings |
|
Up to $500K |
49 |
82% |
| $500K – $600K | 36 | 61% |
|
$600K – $750K |
47 |
40% |
|
$750K – $1 mil. |
62 |
27% |
|
$1 mil. – $1.5 mil. |
37 |
30% |
|
$1.5 mil. & Up |
18 |
6% |
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 neighborhoods, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a Broker, Certified Residential Specialist (CRS), and Member of The Institute of Luxury Home Marketing, with Morgan Lane Marin Real Estate. It is always my pleasure to be of service.
Now that the the HWY 101 widening project has been completed on both north and southbound lanes, the commute through San Rafael is very much improved. Southbound commute traffic is reduced by about 25 minutes. The improved commute will certainly make Novato a preferable choice for those who want more house for the money, yet were scared off the traffic we experienced during the highway construction period. 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 Luxury Report (June 2009)
July 10, 2009
As noted in prior reports this year, Marin County, CA’s luxury segment is slow and currently weighted towards homes priced under $4 million. In fact, not a single home priced over $4 million sold in May 2009 and just 2 are currently in escrow (although that could change in a moment as the domino effect is very real in home sales). Of course, the luxury home slump exists throughout the country as affluent buyers wait for a signal to buy. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing dated June 14, 2009, click here. Yet, the news relating to home starts and permit applications is improved again this month. And while the stock market closed in the black for the year last week, this week has brought a correction. So, it appears we will continue to wait for the buying signal. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call me at (415) 350-9440.
Buyers are dubious of price stability for good reason (see chart below reflecting year over year median prices in Tiburon, Mill Valley, and Kentfield). But, increased conforming loan limits and a pronounced level of increased affordability across the board should help sales moving forward into the Summer er as buyers with 25% down will obtain top-shelf financing for purchases of $1.6 million. While not “Luxury” territory here in Marin, many buyers of luxury homes must sell their current homes first (80% of buyers are sellers).
[Click HERE for the rest of the article, courtesy of www.ImagineMarin.com.]
Marin Luxury Homes (May 2009)
July 10, 2009
Real estate sales in Marin County’s luxury segment are currently weighted towards homes priced under $4 million. In fact, not a single home priced above $4 million is in escrow (although that could change in a moment as the domino effect is very real in home sales). But, as it stands, the ultra-luxury home sales segment is flat-lining in Marin County, CA. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click here (May 17, 2009 Report). Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call me at (415) 350-9440.
Yet, the news relating to home starts and permit applications is improving: the West experienced a 42.5% jump in housing starts; the National Association of Homebuilders reported increased confidence (as high as it has been in 9 months); and construction and permits both rose last month (these are considered leading indicators on the macro level relating to housing stability). Nonetheless, the inertia of caution remains firm.
Buyers are dubious of price stability for good reason (see chart below reflecting year over year prices in Tiburon, Mill Valley, and Kentfield). But, increased conforming loan limits and a pronounced level of increased affordability across the board should help sales moving forward into the Summer as buyers with 25% down will obtain top-shelf financing for purchases of $1.6 million. While not “Luxury” territory here in Marin, many buyers of luxury homes must sell their current homes first (80% of buyers are sellers).
[Click HERE for the rest of the report, courtesy of www.ImagineMarin.com.]
Marin Luxury Report (April 2009)
July 10, 2009
Despite my self-imposed limited media diet, I do read headlines. And the headlines are becoming more optimistic. This is a prerequisite for increased buyer confidence. I remain convinced that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. Increased conforming loan limits and a pronounced level of increased affordability across the board is a recipe for sales. Buyers with 25% down (and who otherwise qualify) will be able to obtain top-shelf financing for purchases of a little over $1.6 million. While that is not “Luxury” territory here in Marin, many potential move-up buyers of luxury homes must sell their homes first (it is said that 80% of buyers are also sellers) and this will be a big step in the right direction. And interest rates are a full 1-point lower today than they were last year. Certainly, the pump is primed as there are nearly 60 active escrows on homes priced $1 million and up (again, move-up buyers typically need to sell their current home). For national trends, click here — April 2009, Institute for Luxury Home Marketing. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call (415) 350-9440.
[Click HERE for the rest of the report, courtesy of www.ImagineMarin.com.]
