Pacific Union International | Novato Real Estate Market Update (November 2014 Novato Home Sales Report)
Pacific Union International | Novato Real Estate Market Update (November 2014 Novato Home Sales Report). Novato sales numbers in October 2014 remained stout in the face of diminished inventory and a rocky September on Wall Street — 49 single family homes sold. While Novato housing market sales numbers clearly softened over the past quarter, buyers continue to act very decisively on properties in desirable neighborhoods and that are priced appropriately. Very strong contractual terms, such as short closes under 30 days, minimal investigation periods, and discounted rent backs to sellers are becoming more common across all price points. 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 has worked itself out and there are currently just 22 homes over $1 million actively being marketed on the MLS — many of these homes are simply overpriced. Anecdotally, I am also aware of several such homes being sold off market. Such sales are not reflected in the MLS.
The average sale price for Novato homes in October 2014 was $749K. Novato’s luxury sector (defined here as listings over $1 million) continued its impressive performance with 4 MLS sales. Novato real estate sales in October 2014 averaged just 55 days on market, were about 2,033 sq. ft., and averaged roughly $392/sq. ft. Novato’s absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is about 1.5 months. This is a very low absorption rate — balanced markets have 6 months worth of inventory.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
■ 57% of homes priced under $500,000;
■ 47% of homes between $501,000 and $750,000;
■ 43% of homes between $751,000 and $1 million;
■ 29% of homes between $1 million and up.
Of the 49 homes that sold in October 2014:
■ 6 homes sold under $500,000;
■ 39 homes sold from $501,00 to $1 million; and
■ 4 homes sold for $1 million and up.
Single family homes in Rudnick Estates, 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.