Novato Real Estate Market Update (April/May 2011 Novato Home Sales Report)

kylefrazierMarin Market Updates, Novato Real Estate

March and April 2011 resulted in excellent home sales numbers for Novato (31 homes sold in March and another 35 sold in April). It appears that this momentum is carrying into May as buyers act quickly on well-priced and/or unique opportunities. The average sales price of Novato homes swung wildly from $618K in March to $565K in April. These homes averaged 106 days on market, were about 2,247 sq. ft., and averaged roughly $274 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 3.9 months’ worth of available inventory overall (137 single family homes are currently for sale in Novato). Of note is the fact that under $750K, 47% of Novato homes are IN ESCROW!

Below are the percentages of homes in escrow in each of Novato’s major price bands:

  • 49% of homes priced under $500,000;
  • 45% of homes between $501,000 and $750,000;
  • 26% of homes between $751,000 and $1 million;
  • 19% of homes between $1 million and up.

Of the 61 homes that sold in March and April 2011:

  • 22 homes were priced under $500,000;
  • 41 homes priced from $501,00 to $1 million; and
  • 3 homes priced from $1 million and up.
    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 — We have just reduced prices on our favorite homes (and sold another). We also have placed our 3 model homes on the market at very attractive prices. Prices now start at $809,000. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com