Pacific Union International | Novato Real Estate Market Update (May 2012 Novato Home Sales Report)

Despite historically low inventory, April 2012 was a gangbuster month for Novato, CA real estate sales (we had 55 trades — more than doubling what we saw in February 2012). Buyers, obviously, remain engaged and move very quickly on well-priced and/or unique real estate opportunities. The average sale price was $518K in April 2012 due to lots of low end, entry level sales.

April’s trades averaged 83 days on market, were about 2,030 sq. ft., and averaged roughly $259 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 be extremely low with just a little more than one months’ worth of available inventory overall (a mere 84 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 $500K — 76% of these homes are in escrow (up from 72% last month). It remains an extraordinarily strong sellers’ market all the way up to about $750K, where 65% of homes are in escrow.

Below are the percentages of homes in escrow in each of Novato’s major price bands:

?76% of homes priced under $500,000;
?65% of homes between $501,000 and $750,000;
?31% of homes between $751,000 and $1 million;
?24% of homes between $1 million and up.

Of the 55 homes that sold in January 2012:

?33 homes were priced under $500,000;
?22 homes priced from $501,00 to $1 million; and
?1 home priced from $1 million and up.

Homes in The Landing at Hamilton Field, Breakers at Pointe Marin, Marin Country Club, 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 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.

The Landing at Hamilton Field — NEW CONSTRUCTION. Prices start in the mid – $700?s. We are SOLD OUT of current inventory, but will have three unsold homes available in late August to early September (we are currently building seven homes, but four of those are SOLD. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com.