Pacific Union International | Novato Real Estate Market Update (December 2011 Novato Home Sales Report)
Novato, CA home sales continued to surpass expectations in November 2011, which is traditionally a slow month for closings in Novato and all of Marin County. Indeed, buyers continue to move very quickly on well-priced and/or unique real estate opportunities. The average sales price of Novato homes has swung wildly this year from month to month. For example, the average sale price in June was $626K in October, $530K in September, and $572K in November 2012. November’s trades averaged 108 days on market, were about 2,073 sq. ft., and averaged roughly $248 sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) continues to hover in historically low territory with a shockingly low 2 months’ worth of available inventory overall (a mere 70 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market (as always) is the entry and move-up levels — homes priced under $750K — where ~60% of homes are in escrow and inventory is so tight that the absorption rate is less than 2 month’s worth of inventory.