Pacific Union International | Novato Real Estate Market Update (March 2015 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (March 2015 Novato Home Sales Report). Novato sales numbers in February 2015 were extraordinarily strong despite the time of year and low inventory — 27 single family homes sold at an average price per foot of $405 (higher than San Rafael’s price per foot). While Novato housing market sales numbers softened over the second half of 2014, the first 2 months of 2015 have proven to be extremely favorable to sellers as buyers continue to act very decisively on 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 and recent sales). Anecdotally, we continue to see numerous sales conducted privately, outside of the MLS. Many sellers 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. Indeed, I have sold several such homes off-market this year and such sales are not reflected in the MLS. Indeed, I predict we will see 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 February 2015 rose to $910K. Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 7 MLS sales. In many ways, Novato is Marin County’s hottest market so far in 2015.
Note: I specialize in off-market sales of luxury 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 February 2015 averaged 90 days on market, were about 2,307 sq. ft., and averaged roughly $405/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 2 months. While there are more homes available now than a month ago, this remains tight market characterized by low absorption rates — 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):
■ 58% of homes priced under $750,000;
■ 59% of homes between $751,000 and $1 million;
■ 30% of homes between $1 million and up.
Of the 27 homes that sold in January 2015:
■ 7 homes sold under $750,000;
■ 13 homes sold from $751,00 to $1 million; and
■ 7 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.