Pacific Union International | Novato Real Estate Market Update (April 2013 Novato Home Sales Report)

Pacific Union International | Novato Real Estate Market Update (April 2013 | Novato Home Sales Report). As we enter Q2 2013, it is crystal clear that Novato’s real estate market has changed significantly from 2012. Those who follow real estate have noted that 2013 is a completely different animal that years past as buyers have finally come back into the market. The combination of low inventory, low interest rates have resulted in an expanding reservoir of “ready, able, and willing” buyers. These home buyers are stepping up in Novato and purchasing listings from all different price points. Even the $2 million+ price point has seen significant activity over the past 3 months as affluent buyers are returning to Novato to capture value and lifestyles unobtainable elsewhere in Marin County. The sales numbers relative to standing inventory remain impressive.

My continuing advice to sellers remains — “If you want to sell in 2013, get your home out there!” CALL ME if you are thinking of selling. My systems can get you on market quickly with the very best marketing available. And my negotiating skills will get you top dollar.

March 2013 sales figures for Novato, CA were exceedingly strong — Novato totaled 38 trades (up from 23 in February). We continue to starve for inventory. Due to the factors noted above and the lack of inventory, buyer urgency is as high as I have ever seen. Buyers are making very strong offers with lightning speed (sometimes without inspection contingencies) on nearly all fairly priced homes. The average sale price for Novato homes that sold in March 2013 was $689K. Novato is now also seeing strong activity on listings over $1 million (28% of $1 million+ homes are in escrow).

Novato real estate sales in March averaged 80 days on market, were about 2,240 sq. ft., and averaged roughly $322/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low despite a large number of homes coming to market in the past 7-days (21 homes came to market during that time frame) — it is hovering at about 1.5 months (52 single family homes are actively for sale in Novato).

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■57% of homes priced under $500,000;
■68% of homes between $501,000 and $750,000;
■62% of homes between $751,000 and $1 million;
■28% of homes between $1 million and up.

Of the 38 homes that sold in March 2013:
■6 homes were priced under $500,000;
■30 homes priced from $501,00 to $1 million; and
■2 homes priced from $1 million and up.

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.