Novato Real Estate Market Update (February 2010 Home Sales Report)
The frenetic Novato, California real estate market slowed (at least in terms of closed sales) in January 2010. We had 25 sales, compared with 42 sales in December. The average sales price of Novato homes in January 2010 was $525,440. These homes averaged 97 days on market, were about 1,763 sq. ft., and averaged roughly $309 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) has dipped to historically low levels — a scant 3.76 months worth of available inventory overall (94 single family homes are currently for sale in Novato). Below are the percentages of homes in escrow in each of Novato’s major price bands:
- 86% of homes priced under $500,000 (67% last month);
- 59% of homes between $501,000 and $600,000 (66% last month);
- 47% of homes between $601,000 and $750,000 (42% last month);
- 43% of homes between $751,000 and $1 million (33% last month);
- 25% of homes between $1 million and $1.5 million (24% last month);
- 0% of homes between $1.5 million and up.
Amazingly, out of 42 homes on the market under $500,000, only 6 are not in escrow — this is simply amazing!