Pacific Union International | Novato Real Estate Market Update (Febuary 2015 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (February 2015 Novato Home Sales Report). Novato sales numbers in January 2015 were again very strong despite the time of year and low inventory — 33 single family homes sold (and 30 sold in December). While Novato housing market sales numbers softened over the second half of 2014 (the first 6 months of 2014 were very strong), buyers continue to act very decisively on many properties located in desirable neighborhoods. We continue to see strong contractual terms, such as short closes, minimal investigation periods of 10 days, and discounted rent backs to sellers. Generally, the Novato luxury home market segment is performing well (in Novato, $1 million+ homes fall into this category). The apparent glut of active listings in this price point at the end of the year has diminshed (due to the seasonal slowdown) such that there are currently just 10 homes over $1 million actively being marketed on the MLS — of course, many of these homes are simply overpriced. Anecdotally, I have also sold several such homes off-market and such sales are not reflected in the MLS. Indeed, I predict we will see about 10% 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)). About 20% of my business was conducted in this fashion in 2014.
The average sale price for Novato homes in January 2015 was $891K. Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 9 MLS sales. In many ways, Novato is Marin County’s hottest market so far in 2015.
Note: I specialize in off-market sales of lucury homes in Marin County (there are many reasons why sellers may prefer to sell in this fashion). If you appreciate discretion and top-flight results, call me to discuss your situation. My systems have proven successful over and over again.
Overall, Novato real estate sales in January 2015 averaged 79 days on market, were about 2,441 sq. ft., and averaged roughly $381/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is just over 1 month. This is an extraordinarily low absorption rate due to the scarcity of available homes — 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):
■ 55% of homes priced under $750,000;
■ 50% of homes between $751,000 and $1 million;
■ 58% of homes between $1 million and up.
Of the 49 homes that sold in December 2014:
■ 17 homes sold under $750,000;
■ 10 homes sold from $751,00 to $1 million; and
■ 3 homes sold for $1 million and up.
Single family homes in Rudnick Estates (Novato’s finest new home development), Hamilton Field, Pointe Marin, Marin Country Club Estates, Rush Creek, and Bel Marin Keys generated the most 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), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.