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Pacific Union International | Novato Real Estate Market Update (April 2014 Novato Home Sales Report)

April 19, 2014

Pacific Union International | Novato Real Estate Market Update (April 2014 Novato Home Sales Report). Novato, CA., experienced 39 single family home sales in March 2014. Given the incredibly low level of inventory, this is a very strong number (I will address the absorption rate below). Buyers continue to snap up desirable homes with very strong terms. Offers on well priced homes are made quickly and decisively. The average sale price was $737K in in March 2014. Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 4 sales. Currently, there are 18 homes in Novato under contract with a list price over $1 million (56% of such homes are in escrow).

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 March 2014 averaged 66 days on market, were about 2,061 sq. ft., and averaged roughly $375/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 scantly over 1-month’s worth of inventory (indeed, of the 51 single family homes actively for sale in Novato, roughly 1/2 of them came to market in the past 10 days).

[For the rest of the article, courtesy of Novato101.com, please click here]

Kyle Frazier, Pacific Union Int'l

 

Pacific Union International | Novato Real Estate Market Update (March 2014 Novato Home Sales Report)

March 25, 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 farily 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 puruse 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.

Kyle Frazier, Pacific Union Int'l

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

December 24, 2013

Pacific Union International | Novato Real Estate Market Update (December 2013 Novato Home Sales Report). The number of trades in Novato, CA in November 2013 reflected a seasonal norm — there were 28 single family home sales in Novato. Despite the interest rate increases of earlier in the year, rates remain very low and buyers continue to be actively engaged when it comes to well priced listings. The average sales price for Novato homes that closed in November 2013 was $709K. And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 5 sales.

Novato real estate sales in November averaged 69 days on market, were about 2,111 sq. ft., and averaged roughly $350/sq. ft. (note: this is up from $285/ft a year ago). Novato’s overall absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low — at just over 1-month (37 single family homes are actively for sale in Novato). This is an incredibly 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:
■100% of homes priced under $500,000;
■63% of homes between $501,000 and $750,000;
■39% of homes between $751,000 and $1 million;
■27% of homes between $1 million and up.

Of the 50 homes that sold in November 2013:
■2 homes were priced under $500,000;
■20 homes priced from $501,00 to $1 million; and
■5 homes priced from $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 (November 2013 Novato Home Sales Report)

November 12, 2013

Pacific Union International | Novato Real Estate Market Update (November 2013 Novato Home Sales Report). The number of trades in Novato, CA in October 2013 was impressive in what is typically a slower month for sales. Overall, 50 single family homes sold in the town of Novato last month. Despite the interest rate increase of earlier in the year, rates have dropped some and buyers remain actively in pursuit of well priced new listings. In addition, the highest price sale Novato has seen since the height of the market 8 years ago was recorded (Note: it was one of my listings and closed for just under $3 million).

The average sale price for Novato homes that sold in October 2013 was $785K (over $50K higher than July 2013). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 7 sales (including my listing noted above).

[For the rest of the article, courtesy of www.Novato101.com, click here]

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

September 27, 2013

Pacific Union International | Novato Real Estate Market Update (September 2013 Novato Home Sales Report). Sales results for August 2013 in Novato, CA were staggering, especially since August is typically a very slow month for sales because people are busy vacationing. Fifty-nine single family homes sold in the town of Novato last month (compared with 46 in July 2013). While interest rates had popped up a point in May and June, buyer urgency remained high and buyers continued to write great offers with lightning speed (sometimes without inspection contingencies) on all virtually all fairly priced homes under $1 million and for unique estate homes in Marin Country Club Estates. The average sale price for Novato homes that sold in August 2013 was $781K (over $50K higher than July 2013). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 12 sales.

Major Price Adjustment Alert — 8 Marblehead Lane (located in Hamilton Field), 4 Beds, 4.5 Baths, 3,169 square feet. Extraordinary upgrades, formal dining room, wine cellar with climate control, and more. Now priced at $799,000.

Call Kyle quickly as this one will not last.

[For the rest of the report, courtesy of www.Novato101.com, click here.]

Views, Vines & Modern Lines | 103 Truman Drive, Novato

July 5, 2013

Custom Novato Luxury Home in “Best Of” Cul-de-Sac Location

Located at the end of a quiet cul-de-sac, this extraordinary custom home designed by John Powers offers a rare opportunity to acquire a luxury residence reflecting modern design, skilled craftsmanship, extensive grounds (nearly 1.75 acres featuring over 60 grape vines, raised bed gardens, fruit trees, oak trees, and gardening sheds), privacy, and incredible views. For more pictures, go to www.103Truman.com.

Upstairs you will find impressive scale balanced with refined and intimate living spaces. The soaring ceilings feature several skylights, while walls of windows stretch along the view side of the home. The upper level provides the majority of the primary living spaces, such as the Kitchen (with adjacent office) and Great Room. The flexible Great Room spaces amply accommodate a large Dining Room table, Living/Family Room, Music area, and more. The possibilities are endless. Also on the upper level, in addition to the views, are a fireplace, bookshelves, bar area, and Powder Room. Finally, from the upper level, you may access the two large covered decks (one off the Kitchen and perfect for a BBQ and the other off the Great Room, which is perfect for relaxing above the gardens). Both decks offer private spaces and extensive storage and/or location for secondary refrigeration. The architecturally unique stairwell leads downstairs.
This large and ergonomic Kitchen has it all: Stainless appliances; Fireplace;  Island with prep sink; Large and deep 2-basin sink; Traulsen built-in fridge; Viking 6-burner range with hood; 2 Ovens; Excellent storage and bookcases/shelving; Views; High, open ceiling; Skylight; Wood floors; Office adjacent; Large covered patio adjacent with storage area; and Easy garage access.

103 Truman Drive also provides a truly unique opportunity for 3 generations to live together. There is an elevator from the garage (located on the main living level) down to the bedroom level of the home, with an easily accessible separate suite. This separate suite (which is connected to the rest of the home, but could be more permanently separated) includes 2 Bedrooms and 2 Baths with a large Family Room featuring French Doors to the deck. Also downstairs you will find the Master Suite (with private Bath) with French Doors to the back deck, two additional Bedrooms, two more Baths, the Laundry Room, Wine Storage area, hardwood floors, and a cozy Family Room.

Bonus Features:

Approximately 884 square feet of unfinished basement space, currently utilized for wine storage and as a workshop (possible expansion could include a bath as plumbing is present); A dramatic lighting scheme on the front and rear decks; 4-car garage; Dramatic lighting scheme in back yard and along back decks; Laundry Room with wash sink, storage, and adjacent wash room with step-in shower; Air conditioning upstairs; Fire suppression system.

   

The Vines

  • 13 Pinot Gris in the triangle area near the entry bridge
  • 2 Syrah beneath the garage overhang in the same entry area
  • 4 Pinot Noir, 4 Chardonnay, and 5 Syrah above the entry area closest to the property line
  • 42 Syrah in the garden at the end of the deck/walkway
  • 4 Bonus vines of unknown provenance near the greenhouse
103 Truman Drive, Novato (Luxury vineyard estate featuring modern architecture and engineering), exclusively listed by Kyle Frazier and Pacific Union International. For a private tour, call Kyle at (415) 350-9440.

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

June 18, 2013

Pacific Union International | Novato Real Estate Market Update (June 2013 Novato Home Sales Report). A reporter from a large national newspaper asked me to characterize Novato, California’s real estate market last week and I told him that the sales figures in May were simply unbelievable and that is was by far the best month in the best year we have seen since 2005. Indeed, while a whisper of doubt may have permeated past market reports, none remains now — real estate is back.  Ongoing suppressed inventory continues to drive prices seemingly straight up. That, coupled with still low interest rates and intense buyer demand are propelling sales prices not seen for 5 years. “Ready, able, and willing” buyers act quickly.

To give an idea of just how strong the market is, consider this: last month in Novato 11 homes sold for $500K or less (another 19 are in escrow). Today there are just 4 homes on the MLS in Novato under $500K. That means the absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) for Novato homes under $500K is about 11 days. I normally track absorption in months, not days (a typical, balanced market would reflect about 6 months worth of homes). Nobody has EVER seen an environment like this!

Even the $1 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.

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 pricing strategies and negotiating skills will get you top dollar. We will soon see an avalanche of homes come to market and prices will stop rising. You want to be ahead of that avalanche — and it is coming soon.

May 2013 sales figures for Novato, CA are incredibly strong — Novato had 71 single family homes sell (there were 39 sold in April). Due to the factors noted above, buyer urgency is higher than I have ever seen. Buyers are making very strong offers with lightning speed (sometimes without inspection contingencies) on all fairly priced homes (especially those under $1 million and/or located in Pointe Marin or Marin Country Club Estates). The average sale price for Novato homes that sold in May 2013 was $744K. Novato is now also seeing strong activity on listings over $1 million (30% of $1 million+ homes are in escrow).

Novato real estate sales in May averaged 59 days on market, were about 2,255 sq. ft., and averaged roughly $346/sq. ft. (note: this is up from $285/ft a year ago). Novato’s overall 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 — it is hovering at just under 1 month (65 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:
■83% of homes priced under $500,000;
■69% of homes between $501,000 and $750,000;
■56% of homes between $751,000 and $1 million;
■30% of homes between $1 million and up.

Of the 71 homes that sold in May 2013:
■11 homes were priced under $500,000;
■51 homes priced from $501,00 to $1 million; and
■8 homes priced from $1 million and up.

Homes in Greenpoint, 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 2013 Novato Home Sales Report)

May 24, 2013

Pacific Union International | Novato Real Estate Market Update (May 2013 Novato Home Sales Report). The incredible year continues for Novato’s real estate market. Continuing low inventory (especially in the lower price points), still low interest rates, and pent up buyer demand are propelling 2013 into sales prices not seen for 5 years. Indeed, “ready, able, and willing” buyers are acting quickly. Inventory remains extremely tight in the sub – $2 million price range. 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. Anecdotally, I am seeing many new faces exploring the possibilities found in Novato. Many of these buyers are simply seeking lifestyle value and finding Novato is a great fit.

Even though we are approaching the traditionally slow summer season, 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.

April 2013 sales figures for Novato, CA continue to impress — Novato had 39 single family homes sell. 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 (especially those under $1 million or located in Pointe Marin or Marin Country Club Estates). The average sale price for Novato homes that sold in April 2013 was $670K. Novato is now also seeing strong activity on listings over $1 million (36% of $1 million+ homes are in escrow).

(For The Rest of the article courtesy of www.Novato101.com, click HERE)

Novato Real Estate Market Update (April 2013 Novato Home Sales Report)

April 9, 2013

Novato Real Estate Market Update (April 2013 Novato Home Sales Report). 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).

[For the rest of the article, courtesy of www.Novato101.com, please click HERE]

2013: Timing Is Right for Marin County Sellers

February 12, 2013

The Bay Area’s real estate markets are poised for a busy year ahead.

Buyers are eager and anxious. The pent-up demand that sparked bidding wars and pushed home sales into record territory in 2012 shows no sign of slowing down in 2013, as buyers rush to take advantage of bargain-priced properties and mortgage rates still hover near historic lows.

Now it’s time for sellers to join the party.

With the U.S. economy on the mend and home prices rising, many sellers are entering a sweet spot where they’re able to get desired sale prices and then save tens of thousands of dollars as they trade up to more attractive homes themselves.

Some people who believe their home is still underwater – that they owe more on their mortgage than the value of their home – may be wrong.

Home values have risen solidly across the Bay Area over the past year, boosted not just by the improving economy but also by bidding wars and homes selling over their asking prices, which may raise the value of comparable nearby properties. A home that may have been valued recently at $500,000 could be worth significantly more today because of comparable neighborhood sales.

It takes the expertise and advice of a real estate professional who knows the local market to help assess a home’s current value and prospects for a sale.

And buyers are waiting.

The Bay Area real estate market is one of the hottest in the nation, evidenced by the return of bidding wars that have pushed sale prices for many desirable properties tens of thousands of dollars above list prices.

A steady decline in the number of available properties on the market has fueled the anxious bidding.

SHRINKING INVENTORY
“Months’ supply of inventory” (MSI) is a common real estate metric, measuring how quickly the current supply of homes would be sold at the present sales rate. An MSI between four and six months is considered a balanced market, and Marin County today is decidedly out of balance – in favor of sellers. As noted in my series of market reports for the month of January 2013, Marin towns with MSI’s under 1 month included Mill Valley and Novato.

In Pacific Union International’s East Bay and Contra Costa County regions, the current MSI stood at 0.9 months at the end of January, both down from three months’ supply a year earlier. That number suggests that buyers are snapping up many homes just a week or two after they hit the market.

In San Francisco it was hardly better with an MSI of 1.1. Except for a rare improvement in the East Bay in January (it had decreased to 0.7 in December), the MSI has been falling steadily across the Bay Area throughout the past year.

Chart showing months' supply of inventory

Still, buyers remain undaunted. The Bay Area market share for homes priced below $500,000 grew 9.2 percent from 2011 to 2012, while Pacific Union’s share did markedly better, rising 33.7 percent.

For homes priced $500,000 to $1 million, the Bay Area market share grew 23.3 percent — and 40.9 percent at Pacific Union. The market share for homes priced $1 million to $3 million grew 33.7 percent in the Bay Area, and 41.1 percent here at Pacific Union.

The numbers suggest that Bay Area home prices will continue to appreciate throughout 2013.

INCENTIVES FOR SELLERS
Sellers looking to trade up to a higher-priced home are in an enviable position today.

Real estate professionals know that in a recovering market, price appreciation starts at the bottom and moves up. That means sellers are generally able to get a higher price for their home while locking in savings as they trade up to a more expensive home. And those savings multiply as the value of the trade-up home increases.

Even when price appreciation is flat across a market, trade-up buyers stand to make significant gains.

For example, consider the homeowner whose property was valued at $300,000 in 2006 but experienced a 20 percent drop in value to $240,000, for a loss of $60,000. That same 20 percent drop in value for a higher-priced home – say, a $450,000 home now valued at $360,000 – gives the trade-up buyer savings of $90,000, or a net gain of $30,000 on the new home.

INTEREST RATES AT BARGAIN PRICES
Looking for another reason to trade up sooner rather than later? Interest rates today make homeownership a bargain we haven’t seen in decades, but the low rates won’t last forever.

For much of 2012, interest rates remained near 3.4 percent, but they are starting to creep higher. Last week, Freddie Mac reported that 30-year fixed-rate mortgages averaged 3.53 percent, up from 3.42 percent the week before, and a report from the Mortgage Bankers Association predicted that rates will average 4.4 percent by the end of 2013.

That one-percent rise in mortgage rates will add $225 to the monthly payment on a $400,000 mortgage.

Another way to view mortgage rates is to look at the increased buying power of today’s low rates compared with the recent past.

In 2002, for example, when the interest rate on a 30-year fixed-rate mortgage stood at 6.5 percent, the monthly payment on a $500,000 loan was $3,132. Today, that same loan payment would buy a home with a $700,000 mortgage – an incredible net gain of $200,000.

Sellers may have had good reasons to hold onto their homes as the housing market foundered, but after five or six years of inactivity the urge to move on and up is hard to resist. Look to your Pacific Union professional for expert advice. And welcome to the party!

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