Pacific Union International | Novato Real Estate Market Update (June 2014 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (June 2014 Novato Home Sales Report). Novato, CA., experienced a very healthy amount of sales in May 2014 — 65 single family homes sold. Given the incredibly low level of inventory, this is a strong number (I will address the absorption rate below). Buyers continue to act very decisively on desirable homes. Strong terms are the norm. Multiple offers are common on entry level homes (anything under $700,000). In addition, even $1 million+ homes which are priced appropriately are selling in a competitive bidding environment. The average sale price for Novato homes in May 2014 was $813K (up from $737K in March 2014). Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 12 sales (compared with 4 in March). Currently, there are an additional 13 homes in Novato under contract with a list price over $1 million (this amount to 39% of Novato luxury homes being in escrow).
My advice to sellers remains the same — “Get your house on the market immediately!” CALL ME if you are thinking of selling. My systems can get you on market quickly with the very best marketing available.
Novato real estate sales in May 2014 averaged 56 days on market, were about 2,259 sq. ft., and averaged roughly $379/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is less than 1-month. Indeed, of the 55 single family homes actively for sale in Novato, roughly 1/2 of them came to market in the past 14 days. Indeed, this is a very low absorption rate — balanced markets have 6 months worth of inventory — with very high buyer demand especially at prices at or below $850K.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
■ 83% of homes priced under $500,000;
■ 69% of homes between $501,000 and $750,000;
■ 46% of homes between $751,000 and $1 million;
■ 39% of homes between $1 million and up.
Of the 55 homes that sold in May 2014:
■ 2 homes sold under $500,000;
■ 51 homes sold from $501,00 to $1 million; and
■ 12 homes sold for $1 million and up.
Single family homes in 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.