November 2017 Novato Real Estate Update | Pacific Union Home Sales Report
November 2017 Novato Real Estate Market Update | Pacific Union Home Sales Report. The Novato real estate market appears to be settling into pre-holiday mode. We are beginning to see some slow down and inventory build-up in the move up price ranges of over $1.2 million. Nonetheless, overall inventory remains incredibly tight under $1 million. This dual market scenario makes for an excellent opportunity for move-up buyers that need to sell their current homes.
Novato home sales numbers in October 2017 were much stronger than anticipated with a total of 46 sales. Off-market sales continue to fuel a market that is starved for inventory as the top agents rely on networking to effectuate our clients desired paths into and out of their homes. The impact of the Sonoma and Napa County fires is yet to be conclusively assessed. However, most realtors in Marin County (generally) and Novato (in particular), anticipate and/or have seen increased activity already in the marketplace over the past several weeks.
Overall in Novato, the 46 trades sold at an average price per foot of $466 (price per foot has remained relatively static over the past 6 months). The increasing presence and velocity of sales of Novato’s upper tier / luxury home market (homes over $1.25 million) has grown considerably this year — particularly in hot neigborhoods like Marin Country Club Estates, Pointe Marin, Green Point, Stonetree, and Indian Valley. 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 empty nester Marin residents selling their multimillion dollar homes in Tiburon, Mill Valley and Ross Valley and transferring their tax base. These very strong (often all cash) buyers tend to focuss on 1-level, ranch style homes (or homes with the Master Bedroom downstairs with the main living areas) and to new / newer homes in Novato. This makes these two types of homes a hot commodity. As noted above, numerous sales are also being conducted privately by agents, 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). It is estimated that approximately 10-15% of homes are sold without ever hitting the market.
The average sale price for Novato homes in October 2017 was $993,490. Novato (especially Southern Novato) has unquestionably been one of Marin County’s hottest markets this year due to the good weather, easy commute and clear bang-for-your-buck.
Overall, Novato real estate sales in November 2017 averaged 45 days on market (DOM), were about 2,237 sq. ft., and averaged roughly $466 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 over 4 weeks. This reflects a very tight (seller oriented) market — balanced markets have 4-6 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):
■ 80% of homes priced under $750,000;
■ 59% of homes between $751,000 and $1 million;
■ 29% of homes over $1 million.
Of the 46 Novato, CA homes that sold in October 2017:
■ 14 homes sold under $750,000;
■ 14 homes sold from $751,00 to $1 million; and
■ 18 homes sold for $1 million and up.
Single family homes in Marin Country Club Estates, Pointe Marin, 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 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 value discretion and expect high levels of professionalism and service, call me to discuss your situation.