Pacific Union International | Novato Real Estate Market Update (November 2012 Novato Home Sales Report)

November 18, 2012

Pacific Union International | Novato Real Estate Market Update (November 2012 | Novato Home Sales Report). Incredibly low inventory, historically low interest rates, a growing pool of “ready, able, and willing” buyers, are combining to make 2012 a pivotal year for Novato real estate. While the jury is out as to where the economy is heading with the looming fiscal cliff and worldwide debt crisis, there is growing perception among buyers (note: perception is reality in real estate), that the time to buy is NOW.

October 2012 sales numbers for Novato, CA continue to impress (we had 56 trades — the most since 2005). Buyers are moving very quickly on well-priced and/or unique real estate opportunities. The average sale price was $675K in October 2012 and continues to creep higher if examined a 90-day rolling basis (month to month fluctuations are of little analytic benefit as the composition of closed sales is erratic). Importantly, October 2012 sales included 15 homes which sold for $750K or more in Novato (of these, 4 were over $1 million and another 3 homes are currently in escrow).

October’s Novato real estate sales averaged 100 days on market, were about 2,426 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) is extremely low with just over 1 months’ worth of available inventory overall (a mere 65 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $500K — 84% of these homes are in escrow — it has been over 70% for months). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 54% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■84% of homes priced under $500,000;
■54% of homes between $501,000 and $750,000;
■55% of homes between $751,000 and $1 million;
■25% of homes between $1 million and up.

Of the 54 homes that sold in October 2012:
■12 homes were priced under $500,000;
■38 homes priced from $501,00 to $1 million; and
■4 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, 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 just one home left (5 beds, 3 baths, 3,071 square feet) priced at $920K. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.

Pacific Union International | Novato Real Estate Market Update (June 2012 Novato Home Sales Report)

July 2, 2012

Despite the ongoing trend of historically low inventory, May 2012 was another gangbuster month for Novato, CA real estate sales (we had 54 trades — one less than the amazing April 2012 number). Buyers, obviously, remain engaged in the market. And they are moving very quickly on well-priced and/or unique real estate opportunities. The average sale price was $634K in May 2012 – significantly higher than the previous month (this is due to a couple of large sales — more on that below).
NOTE: In May 2012, 12 homes sold for $750K or more in Novato. Five of those 12 homes were listed and sold by me. This includes one of Novato’s only $2 million sales in the last several years. If you are thinking of selling your luxury Novato home, please call me as I specialize in this market segment.
May’s Novato real estate sales averaged 83 days on market, were about 2,171 sq. ft., and averaged roughly $303 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) continues to be extremely low with just under 2 months’ worth of available inventory overall (a mere 100 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $500K — 77% of these homes are in escrow — it was 76% last month). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 51% of homes are in escrow.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
■77% of homes priced under $500,000;
■51% of homes between $501,000 and $750,000;
■36% of homes between $751,000 and $1 million;
■27% of homes between $1 million and up.
Of the 54 homes that sold in May 2012:
■16 homes were priced under $500,000;
■34 homes priced from $501,00 to $1 million; and
■4 home priced from $1 million and up.
Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, 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 are SOLD OUT of current inventory (although we do have a model home priced at $840K), but will have three unsold homes available in September (we are currently building seven homes, but four of those are SOLD). Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.

Pacific Union International | Novato Real Estate Market Update (May 2012 Novato Home Sales Report)

May 6, 2012

Despite historically low inventory, April 2012 was a gangbuster month for Novato, CA real estate sales (we had 55 trades — more than doubling what we saw in February 2012). Buyers, obviously, remain engaged and move very quickly on well-priced and/or unique real estate opportunities.  The average sale price was $518K in April 2012 due to lots of low end, entry level sales.

April’s trades averaged 83 days on market, were about 2,030 sq. ft., and averaged roughly $259 sq. ft. Novato’s  absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) continues to be extremely low with just a little more than one months’ worth of available inventory overall (a mere 84 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $500K — 76% of these homes are in escrow (up from 72% last month). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 65% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

■76% of homes priced under $500,000;
■65% of homes between $501,000 and $750,000;
■31% of homes between $751,000 and $1 million;
■24% of homes between $1 million and up.

Of the 55 homes that sold in January 2012:

■33 homes were priced under $500,000;
■22 homes priced from $501,00 to $1 million; and
■1 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, 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 are SOLD OUT of current inventory, but will have three unsold homes available in late August to early September (we are currently building seven homes, but four of those are SOLD. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.

Pacific Union International | Novato Real Estate Market Update (March 2012 Novato Home Sales Report)

March 10, 2012

February 2012 exceeded all expectations in terms of Novato, CA real estate sales (we had 26 trades — these homes went into escrow in December 2011 or January 2012, which is normally the Horse Latitudes of real estate activity). This year’s unseasonably warm weather and lack of rain (along with some of the best buying conditions on record) has continued to keep buyers engaged. As has been the case for the past quarter, buyers continue to move very quickly on well-priced and/or unique real estate opportunities. As with other Marin towns along the HWY 101 corridor, the average sales price of Novato homes has swung wildly this year from month to month. For example, the average sale price in June was $626K in October, $530K in September, and $584K in February 2012.

February’s trades averaged 147 days on market, were about 2,229 sq. ft., and averaged roughly $257 sq. ft. Novato’s  absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) continues to hover in historically low territory with a  low 3.24 months’ worth of available inventory overall (a mere 84 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $500K — 72% of these homes are in escrow. Inventory remains very tight with the absorption rate remaining at less than 2 month’s worth of inventory. It is a shockingly strong sellers’ market at that price point. It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 55% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

■72% of homes priced under $500,000;
■55% of homes between $501,000 and $750,000;
■29% of homes between $751,000 and $1 million;
■29% of homes between $1 million and up.

Of the 26 homes that sold in February 2012:

■12 homes were priced under $500,000;
■13 homes priced from $501,00 to $1 million; and
■1 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, 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. With several recent closings, we only have two more new homes currently available. Please call me at                        (415) 350-9440             for more information. Or visit our website at www.TheLandingNovato.com.

Pacific Union International | Novato Real Estate Market Update (January 2012 Novato Home Sales Report)

January 23, 2012

December 2011, like November, exceeded all expectations in terms of Novato, CA real estate sales (we had 35). Obviously, December is traditionally a slow month (usually, December and January are terribly unexciting) for closings in Novato and all of Marin County. This year’s unseasonably warm weather and complete lack of rain kept buyers engaged well into January. As has been the case for the past quarter, buyers continue to move very quickly on well-priced and/or unique real estate opportunities. As with other Marin towns along the HWY 101 corridor, the average sales price of Novato homes has swung wildly this year from month to month. For example, the average sale price in June was $626K in October, $530K in September, and $588K in December 2012. December’s trades averaged 109 days on market, were about 2,273 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) continues to hover in historically low territory with a shockingly low 2 months’ worth of available inventory overall (a mere 70 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $750K — where ~60% of homes are in escrow and inventory is so tight that the absorption rate is less than 2 month’s worth of inventory.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

■54% of homes priced under $500,000;
■52% of homes between $501,000 and $750,000;
■32% of homes between $751,000 and $1 million;
■18% of homes between $1 million and up.

Of the 35 homes that sold in December 2011:

■17 homes were priced under $500,000;
■15 homes priced from $501,00 to $1 million; and
■3 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, 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. With several recent closings, we only have two more new homes currently available. Please call me at            (415) 350-9440       for more information. Or visit our website at www.TheLandingNovato.com.

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

Pacific Union International | Christie’s Great Estates | Novato Real Estate Market Update (June 2011 Novato Home Sales Report)

June 22, 2011

May 2011 was another excellent month for home sales in Novato (30 trades). It appears that this momentum is carrying into June as buyers act quickly on well-priced and/or unique opportunities. The average sales price of Novato homes has swung wildly so far this year based on the composition of sales each month — from $618K in March to $565K in April. In May, Novato’s average home sale settled in at $538,687. These homes averaged 123 days on market, were about 2,062 sq. ft., and averaged roughly $272 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 low 4.9 months’ worth of available inventory overall (149 single family homes are actively for sale in Novato). Of note is the fact that under $750K, 43% of Novato homes are IN ESCROW! Also, over the past 2 weeks, just one bank owned and/or short sale has been introduced to the market. This time last year (and in 2009), at least 1/2 of homes coming to market were bank owned or short sales — if this keeps up, prices will stiffen and bump up.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

  • 46% of homes priced under $500,000;
  • 40% of homes between $501,000 and $750,000;
  • 29% of homes between $751,000 and $1 million;
  • 7% of homes between $1 million and up.

Of the 61 homes that sold in May 2011:

  • 14 homes were priced under $500,000;
  • 16 homes priced from $501,00 to $1 million; and
  • 0 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 in the mid – $700’s. 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 (February 2011 Novato Home Sales Report)

February 11, 2011

January 2011 was another good month for Novato home sales (we had 22 trades). Typically, January sales are quite low as people focus on the Holidays during December. The average sales price of Novato homes in January 2011 was $525K. These homes averaged 100 days on market, were about 2,051 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) sits at just under 5 months’ worth of available inventory overall (104 single family homes are currently for sale in Novato). This is a low number. Of note is the fact that 49% 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:

  • 51% of homes priced under $500,000;
  • 50% of homes between $501,000 and $750,000;
  • 38% of homes between $751,000 and $1 million;
  • 29% of homes between $1 million and up.

Of the homes that sold in December 2010:

  • 11 homes were priced under $500,000;
  • 11 homes priced from $601,00 to $1 million; and
  • 0 homes priced from $1 million and up.

Homes in 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 placed our 3 model homes on the market. 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 (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.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
  • 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.

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