Novato Real Estate Update (January 2016 Home Sales Report) Pacific Union | Top Agent
Pacific Union International | Novato Real Estate Market Update (January 2016 Novato Home Sales Report). Novato home sales numbers in December 2015 were very strong (although December is historically one of the slowest months of the year for closings). While the number of sales at the entry level price points (under $750K) was lower than last December, this reflects a pricing increase that has drawn many homes into the higher price brackets. This is a phenomenon we have witnessed throughout Marin County. Overall, 31 single family homes sold at an average price per foot of $435 (up from $380 per foot last year). Likewise, Novato’s upper tier / luxury home market ($1 million+ homes fall into this category) has grown considerably over the past year. In fact, the number of $1 million+ homes that sold in December 2015 more than doubled that of 2014. 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. 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.
The average sale price for Novato homes in December 2015 was $920K, up from 799K in 2014. Novato (especially Southern Novato) certainly proved to be one of Marin County’s hottest markets in 2015.
Overall, Novato real estate sales in December 2015 averaged 47 days on market, were about 2,247 sq. ft., and averaged roughly $435/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is currently less than 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):
■ 70% of homes priced under $750,000;
■ 50% of homes between $751,000 and $1 million;
■ 27% of homes between $1 million and up.
Of the 31 Novato, CA homes that sold in December 2015:
■ 12 homes sold under $750,000;
■ 12 homes sold from $751,00 to $1 million; and
■ 7 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.