Pacific Union International | Novato Real Estate Market Update (April 2015 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (April 2015 Novato Home Sales Report). Novato sales numbers in March 2015 were very strong despite the low inventory (there is massive unmet demand right now, as discussed below) — 35 single family homes sold at an average price per foot of $394. Indeed, Q1 2015 has proven to be extremely favorable to sellers as buyers continue to act very decisively on properties located in desirable neighborhoods. We continue to see striking velocity of sales and contractual terms, such as short closes (7 to 10 days), minimal investigation periods (and increasing numbers of non-contingent contracts), and often free or reduced amount rent backs to sellers. The Novato luxury home market segment is riding a crest, much like the lower price points (in Novato, $1 million+ homes fall into this category — although, as prices continue to rise, I expect that I will be revising this definition to $1.25 million in coming months). The glut of active listings in this price point at the end of the year is gone. Anecdotally, we continue to see numerous sales conducted privately, outside of the MLS. Many savvy sellers (those with trustworthy agents) and buyers are relying on agents with networking connections to find and sell homes in an effort to avoid the formal sales process which involves open houses, showings, and other inconveniences. I recently represented buyers in a private, off-market sale at $2.1 million (with multiple offers) and am aware of another multiple offer situation at the $1.75 million price point — again, both off market. I estimate that about 10-20% of homes being sold without ever hitting the market via the two largest agent networking groups in Marin County (Top Agent Network (Top 10% of agents) and Marin Platinum Group (Top 100 agents)).
The average sale price for Novato homes in March 2015 rose to $945K. Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 9 MLS sales (as discussed above, this does not include off-market networking trades). I have said it before and still beleieve it to be true, in many ways, Novato is Marin County’s hottest market in 2015.
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. My systems have proven successful over and over again. I will NEVER place my interests over my clients’.