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