Novato Real Estate Market Update (April 2016 Novato Home Sales Report) Pacific Union | Top Agent
April 2016 Novato Home Sales Report | Pacific Union International | Novato Real Estate Market Update. Novato home sales numbers in March 2016 were fairly good, falling in at 36 sales of single family homes (up from 30 in Febraury 2016). March is typically not considered a strong month of the year for home sale closings. As noted in prior months’ reports, appreciation of home values in Novato (and throughout the North Bay) continue on an upward trend with many homes having now shifted into the higher price brackets. Indeed, this phenomenon has required me to adjust my monthly report pricing analyses throughout Marin County. Overall, in Novato, the 36 trades sold at an average price per foot of $437. Likewise, Novato’s upper tier / luxury home market (homes over $1 million) has grown considerably over the past year. We are finding more and more buyers feel the “bang for the buck” in driving an extra 10 minutes from Sir Francis Drake is worth it, along with longtime Marin residents selling their multimillion dollar homes in Southern Marin and transferring their tax base to a newer home in Novato. We also continue to see numerous sales conducted privately, outside of the MLS, via netorking groups such as the Top Agent Network (top 10% of agents) and the Marin Platinum Group (Top 1% of agents). It is believed that approximately 10-15% of homes are sold without ever hitting the market. Indeed, I sold several homes privately in 2015 and have seen this trend continue into 2016.
Rudnick Estates at Cherry Hill, Novato | Click HERE to see Marin County’s most exciting new home community.
The average sale price for Novato homes in March 2016 was $925K . Novato (especially Southern Novato) has unquestionably started off 2016 as one of Marin County’s hottest markets.
Overall, Novato real estate sales in March 2016 averaged 61 days on market, were about 2,273 sq. ft., and averaged roughly $437 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 1-month. This reflects an extremely tight market — balanced markets have 6 months worth 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):
■ 64% of homes priced under $750,000;
■ 59% of homes between $751,000 and $1 million;
■ 58% of homes between $1 million and up.
Of the 36 Novato, CA homes that sold in March 2016:
■ 10 homes sold under $750,000;
■ 13 homes sold from $751,00 to $1 million; and
■ 13 homes sold for $1 million and up.
Single family homes in Rudnick Estates (a brand new home development), Pointe Marin, Marin Country Club Estates, 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 Christie’s International | 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 appreciate discretion and want the BEST result, call me to discuss your situation.