September 2016 Novato Real Estate Market Update | Pacific Union International Home Sales Report

September 13, 2016

 September 2016 Novato Home Sales Report | Pacific Union International | Novato Real Estate Market Update. With the real estate market clearly in transition and the Summer lull in full effect, Novato home sales numbers in August 2016 were stronger than anticipated with a total of 42 sales (exactly the same number of home to sell last year in August 2015). August has never been considered a particularly strong month for sale closings as people are on vacation and seemingly have better things to do than buy and/or sell properties. As with most realtors in Marin County (generally) and Novato (in particular), I feel there is a clear softening in the market over and above what we might expect due to Summer. Many industry observers have commented on “The Shift” and its presence can certainly be felt in all but the new home and entry level markets (both of these market segments continue see buyer demand outstrip inventory).

Overall, in Novato, the 42 trades sold at an average price per foot of $430 (almost exactly the same as last August). Likewise, the presence of Novato’s upper tier / luxury home market (homes over $1 million) has grown considerably over the past year — in fact, I have added a new price band to my analysis focussing on homes priced over $1.5 million. Certainly, more and more buyers feel the “bang for the buck” in driving an extra 10 minutes from Sir Francis Drake is worth it. We are also seeing large numbers of longtime Marin residents selling their multimillion dollar homes in Southern Marin and transferring their tax base to new / newer homes in Novato. We also continue to find that numerous sales are conducted privately, outside of the MLS, via netorking groups such as the Top Agent Network (TAN — Top 10% of agents) and the Marin Platinum Group (MPG — Top 100 agents). Approximately 10-15% of homes are sold without ever hitting the market. Indeed, I sold several homes privately in 2016 at the request of sellers who value privacy and discretion.

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 August 2016 was just under $875K . Novato (especially Southern Novato) has unquestionably been one of Marin County’s hottest markets this year due to the good weather, easy commute and bang-for-your-buck.

Overall, Novato real estate sales in August 2016 averaged 50 days on market, were about 2,036 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 under 2 months. This reflects a very tight market —  balanced markets have 6 months 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 and added the “over $1.5 million” price band):
■ 52% of homes priced under $750,000;
■ 40% of homes between $751,000 and $1 million;
■ 21% of homes between $1 million and $1.5 million;

■ 27% of homes between $1 million and $1.5 million.

Of the 42 Novato, CA homes that sold in August 2016:
■ 16 homes sold under $750,000;
■ 17 homes sold from $751,00 to $1 million; and
■ 8 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.

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

March 8, 2016

Pacific Union International | Novato Real Estate Market Update (March 2016 Novato Home Sales Report). Novato home sales numbers in February 2016 were very strong (February is generally not considered a strong month of the year for home sale closings). As appreciation in home values in Novato continue on their upward trend, many homes have now shifted into the higher price brackets. Indeed, this phenomenon has required me to adjust my monthly report pricing analyses throughout Marin County. Overall, 30 single family homes sold at an average price per foot of $416. Likewise, Novato’s upper tier / luxury home market (homes over $1 million) has grown considerably over the past year. In fact, the number of $1 million+ homes that sold in February 2016 nearly doubled that of 2015. 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. 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 several more go into escrow.

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 February 2016 was $935K . Novato (especially Southern Novato) is unquestionably starting off as one of Marin County’s hottest markets in 2016.

Overall, Novato real estate sales in February 2016 averaged 111 days on market, were about 2,366 sq. ft., and averaged roughly $416/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is currently less than 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):
■ 59% of homes priced under $750,000;
■ 59% of homes between $751,000 and $1 million;
■ 44% of homes between $1 million and up.

Of the 30 Novato, CA homes that sold in February 2016:
■ 7 homes sold under $750,000;
■ 13 homes sold from $751,00 to $1 million; and
■ 10 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 (July 2014 Novato Home Sales Report)

July 26, 2014

Pacific Union International | Novato Real Estate Market Update (July 2014 Novato Home Sales Report). Novato sales numbers in June 2014 were strong — 47 single family homes sold. This is impressive, given the low number of homes on the market. Buyers continue to act very decisively on properties in desirable neighborhoods and that are priced appropriately. Strong terms are common on entry level homes (anything under $700,000). The Novato luxury home market segment is also performing well (in Novato, $1 million+ homes fall into this category). The average sale price for Novato homes in June 2014 was $828K (up from $737K in March 2014). Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 7 sales.

Novato real estate sales in June 2014 averaged just 39 days on market, were about 2,244 sq. ft., and averaged roughly $378/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is about 1.5 months. This is a very 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:
■ 83% of homes priced under $500,000;
■ 74% of homes between $501,000 and $750,000;
■ 38% of homes between $751,000 and $1 million;
■ 32% of homes between $1 million and up.

Of the 47 homes that sold in June 2014:
■ 1 homes sold under $500,000;
■ 39 homes sold from $501,00 to $1 million; and
■ 7 homes sold for $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 (March 2014 Novato Home Sales Report)

March 23, 2014

Pacific Union International | Novato Real Estate Market Update (March 2014 Novato Home Sales Report). During the short month of February 2014, Novato, CA home sales totaled 27. This is a fairly strong, considering that these sales were primarily initiated in January (traditionally, one of the slower months of the year for real estate activity in Marin County). Buyers continue to actively pursue desirable homes with very strong offers made quickly and decisively. The average sale price was $755K in in February 2014 (up from $728K in January 2014). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 6 sales.

My advice to sellers remains the same — “Get your house on the market immediately!” CALL ME if you are thinking of selling. My systems can get you on market quickly with the very best marketing available.

Novato real estate sales in February 2014 averaged 85 days on market, were about 2,180 sq. ft., and averaged roughly $355/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is improving with just over 2-month’s worth of inventory (however, of the 59 single family homes actively for sale in Novato, roughly 1/2 of them came to market in the past 7 days). Indeed, this remains a very low absorption rate — balanced markets have 6 months worth of inventory — with very high buyer demand especially at prices at or below $850K.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■ 66% of homes priced under $500,000;
■ 62% of homes between $501,000 and $750,000;
■ 49% of homes between $751,000 and $1 million;
■ 35% of homes between $1 million and up.

Of the 27 homes that sold in February 2014:
■ 3 homes sold under $500,000;
■ 18 homes sold from $501,00 to $1 million; and
■ 6 homes sold for $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 (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.

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

February 13, 2010

The frenetic Novato, California real estate market slowed (at least in terms of closed sales) in January 2010. We had 25 sales, compared with 42 sales in December. The average sales price of Novato homes in January 2010 was $525,440. These homes averaged 97 days on market, were about 1,763 sq. ft., and averaged roughly $309 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 3.76 months worth of available inventory overall (94 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: 
  • 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.
Amazingly, out of 42 homes on the market under $500,000, only 6 are not in escrow — this is simply amazing! January closings definitely reflect the fact that “value” oriented buyers were out shopping in in December (considered by many buyers agents to be the best month for clients focused on value to put pen to paper):
  • 20 homes priced under $600,000 sold in January 2010
  • 4 homes priced from $601,00 to $1 million sold in January 2010
  • 1 home priced from $1 million and up sold in January 2010
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 (priced at $842,000) went into escrow after just 10 days on the market. 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 Landing at Hamilton Field, located adjacent to South Gate, is scheduled to begin pouring foundations for the model homes (there will be 3 models) in February 2010. The models are expected to open in May 2010, and the first homes will be ready for occupancy in July 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.

Marin County Real Estate (December 2008)

December 15, 2008

Insofar as Marin County goes, the holiday season is not traditionally an active time for home sales–this year is no exception. Inventory is down to 607 homes for sale (we had about 716 last month). Although reports of multiple offers continue–especially on well-priced bank owned properties in Novato–even the foreclosures are sometimes taking a long while meandering to a close. Despite the ongoing financial crisis, interest rates are very attractive and they are being pushed down further for those that qualify. I do feel that there is a large level of pent-up demand that will expose itself in the new year. But, until then, enjoy your families, your friends, and the holidays. 

The graph below breaks down the current number of homes (not including condos) for sale … [Click HERE for the rest of the article, courtesty of www.NorthBayRE.com].

Novato Named “Best Affordable Town”

October 16, 2008

As reported in the Marin Independent Journal, Novato, Marin County (California)56 Bahama Reef 004was named by Business News magazine as one the nation’s “Best Affordable” towns near a major and expensive metropolis–in this case, the San Francisco Bay Area. Numerous factors went into the analysis including housing prices (averaging a relatively affordable $750,000 in Novato in November 2007), crime rates, schools, unemployment rates, commute times, shopping, and entertainment.

Indeed, with lots of newer homes at prices far lower than the home prices in towns located just 10 miles south (e.g., 10 miles closer to San Francisco), Novato has long represented a major value. Recent years have brought many former residents of Southern Marin to Novato as retirees downsize and transfer their tax base under Proposition 60 and young families looking for more homes that can accommodate growing numbers. Novato also has abundant horse properties, waterfront living with access to the Bay, and a robust luxury and ultra-luxury housing market (something for everybody).

Novato’s schools are also top-notch. It is home to the highest scoring school in Marin County–Rancho Elementary. The offices at Hamilton Field include numerous businesses and is the future home to a Disney production venture. Downtown Novato (Grant Avenue) has evolved into a robust shopping location with something for everybody, including some very good dining options. Below are some facts as noted in the Marin IJ online.

NOVATO AT A GLANCE:

  • Population: 51,518
  • Size: 28 square miles, including 3,600 acres of open space
  • Median home cost for 2006: $816,000
  • Median annual household income: $75,445
  • School district: Serves more than 7,600 students, kindergarten through high school with nine elementary, three middle and three high schools. College of Marin’s Indian Valley campus serves some 1,000 students.
  • Shopping: Vintage Oaks shopping center includes more than 50 stores; downtown Novato includes numerous small specialty stores and boutiques received more than a $10.7 million face lift in 2003 to upgrade Grant Avenue.
  • Incorporated: 1960 as Marin’s northernmost city.

Other key facts:

  • The Buck Institute for Age Research, one of the world’s foremost nonprofit, independent biomedical research firms, is located in Novato
  • The Chosen Family hippie commune lived in the old Burdell mansion at Olompali State Historical Park in Novato until it burned down in 1969. Janis Joplin and the Grateful Dead played there.
  • Olompali State Historical Park is named for a key Miwok settlement, Olemaloke, that dates back to 1300. The Bear Flag Rebellion, which led to California’s statehood, was fought at Olompali in 1846.
  • Mount Burdell at 1,558-foot elevation, is the highest peak in Novato and overlooks the Petaluma River and San Pablo Bay.
  • Novato claims its share of rock-star talent, including Metallica’s James Hetfield, Journey’s Jonathan Cain and Tom Johnston of the Doobie Brothers.

Waterfront Lifestyle in Bel Marin Keys

October 16, 2008

Amazing one-level, waterfront home in Bel Marin Keys, Novato. Boat dock with easy access to the Bay and beyond. Vaulted ceilings, large windows and multiple sliding doors with wide open views to Bel Marin Keys’ highly desirable south lagoon. Open floor plan with spacious Master Suite (opens to lagoon), formal dining room, outdoor breakfast nook, Great Room styled open Kitchen/Family Room, Living Room, formal entryway with double doors, large and private back yard. Lots of recent improvements.

  • Property Address: 1116 Bel Marin Keys Blvd., Novato, CA 94949
  • Listing Price: $849,000

If you would like to learn more about this lovely waterfront home or set up an appointment to see it, please call Kyle Frazier, the listing agent, at (415) 350-9440. 

 

 

Kyle Frazier, CRS
Frank Howard Allen Realtors

Poolside Paradise in Southern Novato (Pointe Marin Home For Sale)

October 16, 2008

Imagine yourself sitting by the pool with a frosty Mai Tai, a warm summer afternoon breeze fluttering the pages of that novel you’ve been waiting to read, with banana palms waving softly above you.

Pointe Marin pool homes rarely come up for sale — at this price, this gorgeous home will not be around for long.

Welcome to 80 Oak Grove Drive in Pointe Marin, located in a small community of newer homes in highly desirable Southern Novato. Secluded, yet conveniently located within easy walking distance to today’s necessities and a 2 minute drive to HWY 101 and the highly sought-after Southern Novato commute.

  • 80 Oak Grove Drive, Pointe Marin, Novato (Marin County, California)
  • List Price: $799,000
  • 80oakgrove.com —> for more pictures and details

For more information and/or a private showing, please call Kyle Frazier, Marin Realtor & CRS, at (415) 350–9440.

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