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

July 30, 2011

The number of Novato home sales shot up by 50% in June 2011 — another excellent month. Buyers continue to 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 — it was $626K in June 2011 and $565K in April. Last month’s trades averaged 102 days on market, were about 2,396 sq. ft., and averaged roughly $277 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 3.2 months’ worth of available inventory overall (141 single family homes are actively for sale in Novato). Of note is the fact that under $750K, 58% of Novato homes are IN ESCROW! 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:

  • 58% of homes priced under $500,000;
  • 33% of homes between $501,000 and $750,000;
  • 29% of homes between $751,000 and $1 million;
  • 10% of homes between $1 million and up.

Of the 44 homes that sold in May 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. Parcel 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