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

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.

Marin Real Estate (May 2010)

We at Pacific Union International in Marin County, California continue to feel as though the 2010 real estate market is vastly different from that of 2009. Year over year prices seem to have leveled in most price segments and locations within Marin — some areas have even seen prices increase (albeit nominally). Countywide supply and demand figures suggest an improving real estate environment. Supply is up 7%. But the number of sales of 3 bedroom, 2 bath homes with at least 1,500 square feet and priced under $1 million,  are up an incredible 191% from April 2009.

As noted in various recent articles, much of the strength in today’s home sales market stems from the red-hot entry level market segment. As would be expected, with relatively flat inventory and more sales, the absorption rate (e.g., the number of month’s worth of inventory) continues hovering at about 3 months for entry level homes. This is very low. Attractive loan terms and a pervasive sense among buyers that we have hit bottom, is resulting in sales. While in other parts of the country the first time hoe buyer credit has fueled sales, that incentive has had a minimal impact in Marin because of the relatively low income thresholds required to qualify. Below is a chart tracking escrows — roughly one-third of homes are in escrow (and this includes ALL homes in every price band).

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

The Novato, California real estate market continues to exhibit strength across nearly all price bands (not so for homes priced above $1.5 million). April 2010 saw 24 sales (same as February 2010). The average sales price of Novato homes in April 2010 rose over 3% to to $656,699. These homes averaged 93 days on market, were about 2,291 sq. ft., and averaged roughly $294 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 those waiting to buy.

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

• 56% of homes priced under $500,000;
• 46% of homes between $501,000 and $600,000;
• 54% of homes between $601,000 and $750,000;
• 34% of homes between $751,000 and $1 million;
• 16% of homes between $1 million and $1.5 million;
• 15% of homes between $1.5 million and up.

Of the Novato homes that sold in April 2009:

• 9 homes were priced under $600,000;
• 14 homes priced from $601,00 to $1 million; and
• 1 priced from $1 million and up.

NEW HOMES: 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, will be open in less than 60 days (Summer 2010). We expect that the first homes will be ready for occupancy in 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.

Again, 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.

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.

Marin Real Estate (April 2010)

The sun is out and spring sports are underway – it is officially real estate season. We have reviewed cyclical and seasonal trends in MarinCounty in an effort to predict the balance of 2010. We are more optimistic today than we have been in twenty four months. It seems consumer demand for Marin and San Francisco real estate is regaining its stride. While some real estate decisions can be postponed, eventually buyers need to buy and sellers need to sell. New listings and new escrows are both up over 100% since the turn of the year.

April 2009 marked the inflection point when buyers began cautiously re-engaging with the Marin County real estate market. A year later, Q1 2010 results for volume ($) and units (#) are up significantly in the core of the market. Like the job market, the first quarter of 2010 may also indicate the stabilization of pricing; a required first step in our market’s recovery. As we look forward in 2010 we are encouraged by the recent increase in MarinCounty (and Bay Area-wide) new inventory (listings). Since March 1st, MarinCounty has seen over 450 new listings. Over 175 of these homes have list prices in excess of $1 million.

We continue to analyze buyer behavior and sense their confidence when properties are well priced, staged, and properly presented. Buyers are dismissive of homes that are “over-priced” in order for sellers to leave room for “negotiations”.

[Click HERE for the rest of the article, courtesy of www.NorthBayRE.com.]

Marin Luxury Report (April 2010)

Marin County, California’s luxury home market continues to recover from the wasteland of late 2008 and early 2009 when it seemed as though the luxury home market would never recover. Yet, as reported in previous months, real buyers continue to snap up homes in prestige locations such as Belvedere, Ross, Kent Woodlands, etc., along with “value” properties with undeniable upside. In the $2 million to $4 million price band, sales are up 300% over last year and inventory is down 25% — this combination of factors looks promising for continued improvement. For a detailed snapshot of current national trends from the Institute for Luxury Home Marketing, click HERE.

$2 Million to $4 Million Luxury Homes

The $2 million to $4 million price band  remains volatile with prices down 17% over the past 2 years. Despite this obvious and well-noted trend, many sellers have not adjusted their asking prices to reflect market realities. As noted in my columns over the past two years, a seller’s refusal to price correctly at the outset of the listing period is the single greatest mistake possible. Often, listing agents are willing accomplices however because they will “say anything” to obtain the listing. However, bottom line costs to sellers is very significant. I have developed a chart that show exactly just how bad it gets over time when Marin County sellers and their agents) overprice their homes — please call or e-mail me for a copy.

[Click HERE for the rest of the article, courtesy of www.ImagineMarin.com.]

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

The Novato, California real estate market continues to exhibit strength across nearly all price bands (not so for homes priced above $1.5 million). March 2010 saw 43 sales (a huge increase from February’s 24 sales and one higher than the very high December 2009 total). The average sales price of Novato homes in March 2010 rose (again) to $653,072. These homes averaged 91 days on market, were about 2,293 sq. ft., and averaged roughly $298 sq. ft.

Novato’s price per square foot has hovered around $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 have stabilized and are holding steady (at least at the entry level). I read that one bank has announced a 95% loan to value ratio for California last week — a product that has been almost entirely absent from the market for nearly 2 years.

Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) shifted downwards into historically low levels for this time of year) — 3.05 months worth of available inventory overall (131 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:

• 66% of homes priced under $500,000 (74% last month);
• 48% of homes between $501,000 and $600,000 (54% last month);
• 48% of homes between $601,000 and $750,000 (39% last month);
• 32% of homes between $751,000 and $1 million (28% last month);
• 16% of homes between $1 million and $1.5 million (23% last month);
• 0% of homes between $1.5 million and up.

Amazingly, out of 39 homes on the market under $500,000, only 13 are not in escrow (and several of these hit the market less than a week ago) — this is simply amazing!

Of the homes that sold in March 2009:

• 19 homes were priced under $600,000;
• 21 homes priced from $601,00 to $1 million; and
• 3 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 98.7% 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.

NEW HOMES: 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 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.

Again, 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.

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

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.

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

• 86% of homes priced under $500,000 (67% last month);
• 59% of homes between $501,000 and $600,000 (66% last month);
• 47% of homes between $601,000 and $750,000 (42% last month);
• 43% of homes between $751,000 and $1 million (33%  last month);
• 25% of homes between $1 million and $1.5 million (24% last month);
• 0% of homes between $1.5 million and up.

The Landing at Hamilton | New Homes | Novato

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 (January 2010 Home Sales Report)

• 67% of homes priced under $500,000 (74% last month);
• 66% of homes between $501,000 and $600,000 (65% last month);
• 42% of homes between $601,000 and $750,000 (53% last month);
• 33% of homes between $751,000 and $1 million (same as last month);
• 24% of homes between $1 million and $1.5 million (19% last month);
• 0% of homes between $1.5 million and up.

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