Novato Real Estate Market Update (September 2010 Novato Home Sales Report)

kylefrazierMarin Market Updates, Novato Real Estate

Despite record low temperatures in Marin the Summer, the Novato, California real estate market has not cooled. We again had 33 trades last month and average sales prices and average price per square foot figures remained nearly unchanged from the past three months. The average sales price of Novato homes in July 2010 was $686,519. These homes averaged 105 days on market, were about 2,315 sq. ft., and averaged $312 per square foot. Homes in The Landing at Hamilton, Pointe Marin, Country Club, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month.

Novato’s price per square foot has hovered within 3% of $310 for several months now — in my mind, we have seen the market’s botom at the entry level. Prices are also holding steady in several neighborhoods at the move-up price bands and $1 million plus homes are selling in . This is good news for buyers and sellers alike. Moreover, historically low interest rates, currently hovering around 4.5%, are giving buyers adequate impetus to make their move.

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

  • 46% of homes priced under $500,000;
  • 29% of homes between $501,000 and $600,000;
  • 42% of homes between $601,000 and $750,000;
  • 23% of homes between $751,000 and $1 million;
  • 23% of homes between $1 million and $1.5 million;
  • 13% of homes between $1.5 million and up.

Of the Novato homes that sold in July 2009:

  • 12 homes sold under $600,000;
  • 19 homes sold between $601,00 to $1 million (the Novato move-up market is hot); and
  • 3 sold for at least $1 million.

NEW HOMES IN NOVATO: The 3 Model Homes at The Landing at Hamilton Field are open. We expect that the first homes will be ready for occupancy in December 2010.

Pricing begins in the mid-$800,000’s. Interest surrounding this new Southern Novato community has been significant. Please call me at (415) 350-9440 for more information. Or, visit our website at www.TheLandingNovato.com.

If you would like to have the value of your Novato home professionally evaluated, 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 Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International. It is always my pleasure to be of service.