Pacific Union International | Novato Real Estate Market Update (October 2011 Novato Home Sales Report)
Much like August 2011, Novato, CA home sales continued to surpass expectations in September 2011, which is traditionally a very slow month for closings in Marin County. Indeed, buyers continue to move very quickly on well-priced and/or unique real estate opportunities. The average sales price of Novato homes has swung wildly this year from month to month. For example, the average sale price in June was $626K. In September it was $530K. September’s trades averaged 117 days on market, were about 1,870 sq. ft., and averaged roughly $258 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 hover in historically low territory with just 3.39 months’ worth of available inventory overall (112 single family homes are actively for sale in Novato). The hottest component of the Novato real estate market is the entry level — homes priced under $500K — where 61% of homes are in escrow and inventory is so tight that the absorption rate is less than 2 month’s worth of inventory.
Below are the percentages of homes in escrow in each of Novato’s major price bands:
?61% of homes priced under $500,000;
?43% of homes between $501,000 and $750,000;
?19% of homes between $751,000 and $1 million;
?15% of homes between $1 million and up.
Of the 33 homes that sold in September 2011:
?16 homes were priced under $500,000;
?13 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, 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. With several recent closings, we only have two more currently available. Please call me at (415) 350-9440 for more information. Or visit our website at www.TheLandingNovato.com