Pacific Union International | Novato Real Estate Market Update (July 2015 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (July 2015 Novato Home Sales Report). Novato home sales numbers in June 2015 were very strong despite the continuing spate of relatively low inventory (there is massive unmet demand right now, as discussed below) — 59 single family homes sold at an average price per foot of $416. Indeed, the first half of 2015 has proven to be extremely favorable to sellers as buyers continue to act very decisively on properties located in desirable neighborhoods. Although anecdotal evidence reflects a slow down in the market over the past several weeks during the onset of Summer, sales velocity and impactful contractual terms continue (e.g., short closing periods, quick contingency periods (and increasing numbers of non-contingent contracts), and free or reduced amount rent backs to sellers). The Novato luxury home market continues its strong performance (in Novato, $1 million+ homes fall into this category) as buyers who explore Novato after looking at homes in Southern Marin often feel the extra 10 minute drive from Sir Francis Drake is worth it. We also 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 (Top Agent Network and Marin Platinum Group) to find and sell homes in an effort to avoid the formal sales process which involves open houses, showings, and other inconveniences. 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)). Indeed, I have sold 5 homes privately so far this year.